From Yahoo Finance: 2025-06-07 12:02:00

Bitcoin enthusiasts are suggesting the cryptocurrency could become the world’s reserve currency due to growing U.S. debt concerns. Coinbase CEO Brian Armstrong and Gemini CEO Tyler Winklevoss have both expressed support for Bitcoin as an alternative to the dollar. Economists warn that multiple reserve currencies may emerge if U.S. debt continues to rise.

The U.S. debt debate has intensified with the passage of President Trump’s new spending bill. The bill includes tax cuts, increased border security, and cuts to social programs. However, the Congressional Budget Office estimates it could add $3.3 trillion to the deficit. Even Elon Musk has criticized the bill as a “disgusting abomination.”

Treasury Secretary Scott Bessent downplays concerns about the bill’s impact on the deficit, citing anticipated revenue from Trump’s policies. Bessent believes the deficit will decrease over the next few years. While some support Trump’s bill, others, like Musk, condemn it as reckless spending.



Read more at Yahoo Finance: Coinbase CEO Warns Bitcoin Will ‘Take Over As Reserve Currency’ If US Fails To Get Debt Under Control