Jack Dorsey Pushes Bitcoin Application Process, US Market Waves Rise Before "Beautiful Bill"
Jack Dorsey, a breakthrough entrepreneur and Bitcoin enthusiast, has publicly encouraged Elon Musk to test the world's largest cryptocurrency. Dorsey cleverly reposted Musk's old tweet from 2020, where the billionaire once called Bitcoin his "safe word". At this time, debates are rising around the "beautiful bill" - a proposal to increase spending up to $2.5 trillion, leading to raising the US public debt ceiling.
As Bitcoin maintains the 105,000 USD mark, Dorsey's move further highlights the contrast between DeFi and traditional fiscal policy. This debate is stirring the cryptocurrency community and veteran investors.
Elon Musk did not hesitate to criticize this bill. In a strong post on X, he warned that adding $2.5 trillion to the budget deficit would push the United States into a perpetual "debt slavery" situation. Musk calls on US citizens to act, while supporting Brian Armstrong's - Coinbase CEO's - view that if the US continues reckless spending and removes the debt ceiling, Bitcoin could become the world's reserve currency replacing USD.
Contributing to the debate, lawyer John Deaton suggested that Musk might be preparing a major Bitcoin-related move in the near future, creating many market speculations.
On the opposite side, Donald Trump surprisingly supported Senator Elizabeth Warren's campaign to remove the debt ceiling, despite his administration previously supporting the "beautiful bill". Trump's unexpected stance confused observers. However, Bitcoin maximalists like Max Keiser and Armstrong view this bill as a strong growth driver for Bitcoin, as uncontrolled spending will weaken fiat currency and increase advantages for decentralized digital assets.
Businesses in the industry, especially those leading in digital asset infrastructure, also support the trend of Bitcoinizing the economy, promoting cryptocurrency's position in the global financial system.
Beyond words, Jack Dorsey continuously demonstrates Bitcoin's value through practice. Recently, he shared buying french fries with BTC at Steak 'n Shake, confirming this cryptocurrency's complete real-world applicability. Since Musk took over X, Dorsey has focused on Block Inc. and continuously introduced Bitcoin payment solutions into the ecosystem. His reposting of Musk's old tweet is a reminder that in unstable moments, Bitcoin is the safe choice.
Amid massive spending waves from Washington, cryptocurrency industry leaders like Dorsey and Musk continuously warn about long-term systemic risks. The confrontation between traditional finance and the digital asset generation is entering a new chapter. Bitcoin's significance has never been as noticed as now.
The game is long. The future of the global reserve currency belonging to Bitcoin still needs time to be answered. But clearly, cryptocurrency is gradually affirming its central role in the world's monetary revolution.
