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Share to FacebookShare to TwitterShare to LinkedinTesla billionaire Elon Musk hit the campaign trail for Donald Trump last year, declaring a “financial emergency” as U.S. debt spirals out of control and laying the foundation for his Doge department of government efficiency—which could soon be powered by bitcoin technology.

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The bitcoin price surged—crossing the $100,000 per bitcoin level—as traders bet soaring U.S. debt would create a “doom loop” that pushed bitcoin higher.

Now, after Musk backed bitcoin hero Ron Paul, author of 2009 book End The Fed, for Federal Reserve chair, Musk has called the climbing U.S. debt clock “terrifying”—as Donald Trump’s crypto czar David Sacks confirms he’s working on Trump’s plan to create a bitcoin reserve that could “wipe out” U.S. debt.

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Forbes‘Buckle Up’—Global Bitcoin ‘Race’ Suddenly Begins As Price Braces For ‘Important’ Trump UpdateBy Billy Bambrough MORE FOR YOUWhat Time Is ‘SNL 50: The Anniversary Special’? How To Watch And Guest LineupDisney’s ‘Mufasa: The Lion King’ Arrives On Digital Streaming This WeekThe World’s Best Bourbon—According To The 2025 World Whiskies AwardsTesla chief executive Elon Musk has warned the climbing U.S. debt clocking is “terrifying” as U.S. … [+] national reserve of bitcoin is being studied by White House officials.

Getty Images “The debt clock is terrifying,” Musk posted to X this week, referring to the U.S. Debt Clock website that tracks government spending and has recently added a section for Musk’s Doge that’s already racked up $100 billion worth of savings.

Musk was responding to U.S. senator Mike Lee who posted that he found the soaring U.S. debt of $36 trillion “deeply disturbing—even with the Doge numbers providing a glimmer of hope.”

Musk, who was tapped to lead the Doge department by Trump’s transition team leader Howard Lutnick before Lutnick was named Commerce secretary,

Last year, speaking at the Bitcoin 2024 conference, Trump promised to create a “strategic national bitcoin reserve” before going on to tell Fox Business: “Who knows, maybe we’ll pay off our $35 trillion; hand them a little crypto check, right? Hand them a little bitcoin, and wipe out our $35 trillion.”

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.

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.”

Earlier this week, Donald Trump’s crypto czar David Sacks teased “important announcements are coming soon” after confirming the Trump administration is exploring the feasibility of a national reserve of bitcoin, similar to the U.S.’s oil and gold reserves.

“That is one of the first things we’re 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.

Sacks has posted to X that “the inter-agency working group on digital assets is working well together to implement the president’s agenda.”

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Forbes‘This Needs To Stop Now’—Elon Musk Confirms Radical Doge U.S. Treasury PlanBy Billy BambroughThe bitcoin price has surged over recent years, climbing as U.S. debt has spiraled out of control … [+] and led to Tesla billionaire Elon Musk calling the situation “terrifying.”

Forbes Digital Assets The Doge department is a nod to the shiba inu doge meme that’s also linked to the dogecoin cryptocurrency, named by Musk as his “favorite” cryptocurrency and accepted as payment by his Tesla car company.

The dogecoin price has rocketed higher following Trump’s election victory, surging along with the bitcoin price, as traders bet Musk’s proximity to the U.S. president will further boost the meme-based bitcoin rival.

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