Bitcoin Soars Above Record $81,000 As Elon Musk Warns Of ‘Economic Emergency’

On By Littum

Bitcoin surged above $81,000 for the first time as Tesla billionaire Elon Musk called on new US President Donald Trump to use the cryptocurrency to address America’s “unsustainable” debt growth.

The Tesla titan, which backed Trump during his campaign, has warned of a looming “economic emergency” in the US.

“Excess government spending is driving America into bankruptcy…This debt growth is unsustainable,” the multi-billionaire wrote on X.

Trump also floated the idea of ​​using Bitcoin to “pay off the $35 trillion national debt” in August of this year.

“Give them a little crypto check, right? We’ll give them a little bitcoin and wipe out our $35 trillion,” he said.

Following his election victory and as the 45th US president moves closer to overall control of the US Congress, Bitcoin surged past $81,000 on Sunday as other cryptocurrencies also continued to rise in price.

Trump promised favorable regulation and the creation of a U.S. bitcoin reserve if he wins, promising to make the U.S. the “crypto capital of the planet.”

He promised that one of his first moves as president would be to fire current Securities and Exchange Commission (SEC) chairman Gary Gensler, who led the government’s crackdown on the crypto industry – hinting at a friendlier regime for digital currencies.

JPMorgan predicts strong performance for Bitcoin and gold during Trump’s presidency

Currently valued at more than $81,200, Bitcoin is up nearly 5 percent in the past 24 hours, up more than 65 percent from the year’s low of $38,505 it hit on January 23.

Overall, the world’s largest cryptocurrency has increased in value by more than 80 percent this year.

Other cryptocurrencies, including dogecoin – often promoted by Mr. Musk – gains value.

Prices of the best cryptocurrencies at 03:43 UST on November 11
Prices of the best cryptocurrencies at 03:43 UST on November 11 (Coindesk)

“Many investors expect a Trump victory to clear the way for mainstream adoption and regulation, which is both favorable and necessary for bitcoin’s continued growth,” said Nigel Green, CEO of financial advisory firm deVere Group.

“This pro-crypto narrative could pave the way for regulatory clarity and boost institutional investment that could send bitcoin to unprecedented heights,” Mr. Green, who predicted a price rise of Bitcoin above $80,000.