Jack Dorsey Reminds Elon Musk of Bitcoin Oath Amid Budget Uproar

TLDR

• Elon Musk strongly criticized the proposed Beautiful Bill for increasing the national debt.
• Jack Dorsey responded by encouraging Musk to support Bitcoin as a safer alternative.
• Bitcoin remained stable at $105,000 despite political and financial tensions.
• The Trump administration supported the bill while proposing to eliminate the debt ceiling.
• Coinbase CEO Brian Armstrong warned that Bitcoin could become the global reserve currency.

Elon Musk has triggered fresh criticism of the federal spending proposal known as the “Beautiful Bill,” citing concerns over rising debt. Jack Dorsey responded by urging Musk to support Bitcoin, referencing the billionaire’s earlier endorsement of the cryptocurrency. While the bill stirs debate in Washington, Bitcoin trades steadily at $105,000 as support grows across financial circles.

Bitcoin Gains Momentum as Elon Musk and Dorsey Reject Debt Plan

Bitcoin remains stable despite political tension surrounding the proposed budget bill backed by the Trump administration. The bill seeks to expand federal spending and raise the debt ceiling, causing a sharp divide among top entrepreneurs. Elon Musk strongly opposed the bill, describing it as damaging to the nation’s financial future.

Jack Dorsey called Musk’s attention to his past Bitcoin support by posting a reminder of his 2020 tweet. He suggested Musk should consider Bitcoin as a shield against what he calls fiscal irresponsibility. The comment coincided with rising optimism around Bitcoin among prominent voices.

Coinbase CEO Brian Armstrong warned of long-term consequences if Congress continues unchecked spending. Elon Musk supported Armstrong’s view and warned about the threat of rising deficits. The two share concerns over economic imbalance and the potential shift in global reserve currencies.

Trump Administration’s Spending Push Faces Backlash from Tech Billionaires

The Trump administration has labeled the new legislation as a path to national growth through increased government spending. However, Elon Musk criticized the bill for negating cost-saving efforts by the now-disbanded Department of Government Efficiency. He said the bill would erase the team’s accomplishments and lead to long-term damage.

Elon Musk resigned from the DOGE task force days before the bill’s announcement, stating it undercut the agency’s efforts. The department had proposed ways to boost GDP without increasing debt. Critics say the new bill undermines those proposals by expanding fiscal liabilities.

Meanwhile, Trump supported Senator Elizabeth Warren’s suggestion to eliminate the debt ceiling. He posted that removing the ceiling would prevent future financial disruption. This stance drew surprise from both conservative and progressive lawmakers.

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Dorsey Continues Bitcoin Advocacy as Musk Signals Possible Move

Jack Dorsey has kept pushing for Bitcoin adoption, both through public messaging and corporate initiatives at Block Inc. He recently shared that he made a purchase using Bitcoin, reinforcing its real-world use. His company began accepting Bitcoin payments in April.

bitcoin https://t.co/GSwymIQbFI

— jack (@jack) June 5, 2025

XRP advocate John Deaton speculated Elon Musk might soon announce a Bitcoin acquisition. The possibility gained attention following Musk’s agreement with Armstrong’s economic warning. Such a move could significantly influence market trends and political discourse.

Max Keiser and others consider the bill’s implications favorable to Bitcoin’s future. They argue continued spending could drive demand for decentralized assets. This belief has fueled growing enthusiasm around Bitcoin adoption.