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Tesla billionaire Elon Musk hit the campaign trail for Donald Trump last year, declaring a “financial emergency” as U.S. debt spirals out of control<\/a> and laying the foundation for his Doge department of government efficiency\u2014which could soon be powered by bitcoin technology<\/a>.<\/p>\n Unlock over $3,000 in NFT, web3 and crypto perks \u2014 Apply now!<\/u><\/strong><\/em><\/a><\/p>\n The bitcoin price surged\u2014crossing the $100,000 per bitcoin level\u2014as traders bet soaring U.S. debt would create a \u201cdoom loop\u201d that pushed bitcoin higher<\/a>.<\/p>\n Now, after Musk backed bitcoin hero Ron Paul, author of 2009 book End The Fed, for Federal Reserve chair<\/a>, Musk has called the climbing U.S. debt clock \u201cterrifying\u201d\u2014as Donald Trump\u2019s crypto czar David Sacks confirms he\u2019s working on Trump\u2019s plan to create a bitcoin reserve that could \u201cwipe out\u201d U.S. debt.<\/p>\n Sign up now for the free <\/u><\/strong>CryptoCodex<\/u><\/strong><\/em><\/a>\u2014A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run<\/strong><\/p>\n Forbes<\/span>\u2018Buckle Up\u2019\u2014Global Bitcoin \u2018Race\u2019 Suddenly Begins As Price Braces For \u2018Important\u2019 Trump Update<\/span>By Billy Bambrough<\/span><\/small><\/span><\/span><\/span><\/a><\/p>\n Tesla chief executive Elon Musk has warned the climbing U.S. debt clocking is “terrifying” as U.S. … [+]<\/span> national reserve of bitcoin is being studied by White House officials.<\/span><\/p>\n <\/fbs-accordion>Getty Images<\/small><\/figcaption><\/figure>\n \u201cThe debt clock is terrifying,\u201d Musk posted<\/a> to X this week, referring to the U.S. Debt Clock website<\/a> that tracks government spending and has recently added a section for Musk\u2019s Doge that\u2019s already racked up $100 billion worth of savings.<\/p>\n Musk was responding to U.S. senator Mike Lee who posted<\/a> that he found the soaring U.S. debt of $36 trillion “deeply disturbing\u2014even with the Doge numbers providing a glimmer of hope.”<\/p>\n Musk, who was tapped to lead the Doge department by Trump’s transition team leader Howard Lutnick before Lutnick was named Commerce secretary<\/a>,<\/p>\n Last year, speaking at the Bitcoin 2024 conference, Trump promised to create a “strategic national bitcoin reserve” before going on to tell Fox Business<\/em>: \u201cWho knows, maybe we\u2019ll pay off our $35 trillion; hand them a little crypto check, right? Hand them a little bitcoin, and wipe out our $35 trillion.\u201d<\/p>\n U.S. debt has soared over recent years, topping $34 trillion at the beginning of 2024 before climbing over $35 trillion just a year later, with Covid-era stimulus measures contributing to massive government spending and helping to send inflation spiraling out of control in 2022.<\/p>\n Inflation of over 10% forced the Federal Reserve to hike interest rates at a historical clip, pushing up debt interest payments and fueling fears of a “death spiral.”<\/a><\/p>\n Earlier this week, Donald Trump\u2019s crypto czar David Sacks teased \u201cimportant announcements are coming soon” after confirming the Trump administration is exploring the feasibility of a national reserve of bitcoin, similar to the U.S.\u2019s oil and gold reserves.<\/p>\n “That is one of the first things we\u2019re going to look at as part of the internal working group in the administration,” Sacks said of a potential bitcoin reserve at a press conference earlier this month.<\/p>\n Sacks has posted<\/a> to X that \u201cthe inter-agency working group on digital assets is working well together to implement the president\u2019s agenda.\u201d<\/p>\n Sign up now for <\/strong>CryptoCodex<\/strong><\/em><\/a>\u2014A free, daily newsletter for the crypto-curious<\/strong><\/p>\n