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“If the electorate doesn’t hold Congress accountable to reducing the deficit, and start paying down the debt, bitcoin is going to take over as reserve currency,” Brian Armstrong, the chief executive of crypto exchange Coinbase, posted to X in comments reposted by Musk.

“I love bitcoin, but a strong America is also super important for the world. We need to get our finances under control.”

06/05 update: Elon Musk’s endorsement of Armstrong’s warning comes at a time of increased pressure on the U.S. dollar, with analysts at Morgan Stanley predicting the U.S. dollar will fall to levels not see since the Covid pandemic this year, pushed down by Federal Reserve interest rate cuts and the rise of rival currencies.

“We think rates and currency markets have embarked on sizeable trends that will be sustained — taking the US dollar much lower and yields curves much steeper — after two years of swing trading within wide ranges,” the strategists wrote in a note seen by Business Insider, adding they expect the dollar to fall 9% over the next 12 months to a value of 91 on the dollar index.

JPMorgan chief executive Jamie Dimon has added to fears, predicting spiraling U.S. debt may create a “tough time” for the bond market as spreads widen.

“If people decide that the U.S. dollar isn’t the place to be, you could see credit spreads gap out; that would be quite a problem,” Dimon said during an interview withFox Business.

“It does feel like we’re entering into a more secular downturn for the dollar,” Peter Vassallo, a portfolio manager at BNP Paribas Asset Management who focuses on currencies, toldMarketWatch. “The worst-case scenarios surrounding tariffs have been reduced. But the broad ideas around U.S. policy being more volatile and more hostile to foreign trade — that hasn’t gone away.”

Musk, who last year embarked on a campaign against spiraling U.S. debt while supporting U.S. president Donald Trump’s second bid for the White House, has come out against Trump’s signature tax bill just days after leaving his role in Trump’s administration.

The nonpartisan Congressional Budget Office estimates Trump’s so-called “big, beautiful bill” will add $3.8 trillion to the U.S.’s $36 trillion in debt over the next decade, taking it to an eye-watering $40 trillion.

“I’m sorry, but I just can’t stand it anymore,” Musk, who set up and led the Doge department of government efficiency, posted to X. “This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination.”

Musk wrote that those who voted for it “know you did wrong,” and added in a follow up post that it “will massively increase the already gigantic budget deficit to $2.5 trillion and burden American citizens with crushingly unsustainable debt.”

Huge government spending through Covid lockdowns turbo-charged U.S. debt, leading to warnings the Federal Reserve will have to step in to prop up bond markets, devaluing the dollar and potentially spiking inflation.

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Bitcoin, a scarce digital asset that’s often compared to gold, has seen its price rocket higher as countries around the world, and led by the U.S., fuel their economic growth with debt.

Companies are beginning to shift their corporate treasuries to bitcoin, a trend started by ailing software company MicroStrategy in 2020 that’s propelled it into the Nasdaq 100 and been copied by dozens of companies.

“As the U.S. dollar continues to devalue, we’re going to see this shift happening more and more as investors scramble to protect their assets,” Nic Puckrin, bitcoin and crypto analyst, investor and founder of The Coin Bureau, said in emailed comments.

“With bitcoin holding steady above $100,000 for 20 days and counting, it’s fast becoming the new safe haven.”