Bitwise CEO Reacts To Elon Musk’s Call To Accelerate GDP Growth

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Bitwise CEO Reacts To Elon Musk’s Call To Accelerate GDP Growth

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Tesla CEO Elon Musk has recently sparked discussions about U.S. fiscal concerns.

Bitwise CEO Hunter Horsley has pitched Musk’s remarks as a case for Bitcoin.

BitMEX founder and Maelstrom investment chief Arthur Hayes said in November that Trump’s economic policies could send Bitcoin’s price soaring.

The U.S. is in

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. Most recently, the country has seen

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, reflecting concerns over its ability to manage its debt, which now sits at $36.2 trillion as government spending continues to surpass revenue.

Amid debates on the best course of action to tackle the problem, Tesla (NASDAQ:

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) CEO Elon Musk has pitched his tent behind the Trump administration’s policy agenda. According to one pro-crypto market expert, the proposed solution makes a case for Bitcoin.

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Musk

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last week that accelerating GDP growth was the only way the U.S. could get out of its fiscal quagmire.

“DOGE has and will do great work to postpone the day of bankruptcy of America, but the profligacy of government means that only radical improvements in productivity can save our country,” he said.

Musk’s sentiments echo

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last week.

“We’ve inherited a 6.7% deficit-to-GDP, the highest outside war or recession. Our focus is to grow the economy faster than the debt. That’s how we will stabilize debt-to-GDP,” Bessent

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CNN.

Reacting to Musk’s remarks, however, Bitwise CEO Hunter Horsley

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as a case for Bitcoin.

“Every sign in the world is saying monetary debasement is the road ahead,” he said. “Bitcoin has never been more important.”

Trending: New to crypto?

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on Coinbase.

Horsley’s sentiments come as efforts to accelerate GDP growth are likely to involve increasing the monetary supply to stimulate economic activity, which could lead to the debasement of the dollar, an idea that Trump has been open to in the past to boost U.S. exports. Bitcoin proponents argue that the digital asset has the potential to act as a hedge against such currency debasement, similar to gold, due to its scarcity.

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How much could this fiscal policy benefit Bitcoin?

BitMEX founder and Maelstrom investment chief

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in November that Trump’s economic policies could send Bitcoin’s price to $200,000 by year-end and $1 million by 2028.

According to Hayes, it is the Treasury, not the Federal Reserve, that will help Trump achieve his agenda through Treasury buybacks. The Federal Reserve has so far refused to cut interest rates or engage in any form of quantitative easing despite

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.

Hayes compared the current phase of the market to Q3 2022. At the time, markets launched a recovery despite uncertainty and consecutive rate hikes by the Fed. He stated that the Treasury intervened with a buyback program, which brought $2.5 trillion into the markets.

At last look, Bitcoin is up over 60% since Trump’s election victory, trading at $109,000. Hayes’ 2028 price target suggests that the asset has the potential for a 10x surge in the next three years.

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