Big Beautiful Bill by Trump Sparks Crypto Debate, Elon Musk Criticism

June 4, 2025 – Washington D.C. Elon Musk is making headlines again, this time for fiercely criticizing President Donald Trump’s flagship tax and spending bill called the “Big Beautiful Bill”. Taking to his platform X, Musk called the legislation a “disgusting abomination,” urging Americans to call their Senators and “kill the bill.”

Source: The Kobeissi Letter

The bill, which has passed the House and is under debate in the Senate, includes major tax breaks and heavy government spending. It also proposes the largest debt ceiling increase in U.S. history, sparking concerns about the country’s growing fiscal burden. Though once celebrated by Trump for his role as head of the Department of Government Efficiency, Musk is now openly opposing the administration’s most important financial push. He even supported the President during the elections and spent more than $250 million, now opposing his “big beautiful Bill" after leaving the DOGE department .

Why Musk Is Opposing the Bill

Musk says his opposition is about more than politics or personal gain. He says the draft causes the nation’s debt to rise and it has reached $36.9 trillion by 2025. According to him, the results are higher inflation and more costly interest rates, for the general public.

Musk may also be opposing because the draft calls for cutting subsidies that Tesla depends on. Tesla could find it hard to remain successful in the electric vehicle industry without these sources of financing. Even so, Elon wants to eliminate deficit spending to put an end to what he refers to as “debt slavery.”

Musk’s Clear Message: Stop Overspending Now

Musk has long said that the key to solving inflation and lowering interest rates is to stop overspending and focus on real economic growth. “Real growth comes from making useful things, not from printing more money,” he explained in a post. After such a narrative being set in the society about the draft, The White House has published an article on June 4, named as Mythbuster , to provide clarity about the draft.

He also criticized Congress, especially Republicans, for backing down on serious spending cuts. DOGE and his team reportedly found over $300 billion in possible savings, but he says lawmakers ignored those plans once public attention faded.

Crypto’s Role in the Bigger Debate

Musk’s comments have sparked debate in the crypto world as well. Coinbase CEO Brian Armstrong warned that if the U.S. keeps adding debt, people might lose trust in the dollar. This could drive adoption of Bitcoin as a global reserve currency. XRP Lawyer, John E Deaton also predicted that Tesla or Elon Musk could buy more BTC. Bitmex founder Arthur, says it could act as a hedge against this situation of never ending government spending.

Some are also worried about the GENIUS Act which may oblige Circle and Tether to buy U.S. bonds using the freshly introduced digital dollars they receive for issuing their stablecoins. There are concerns that requiring compliance could make digital assets depend on changes in America’s finances.

National Duty or Personal Interest?

Many think Musk’s actions are just for Tesla’s gain, but some argue that he truly believes in what he says. He has been calling for government reform and sensible spending for many years before this bill. At the same time, the outcome for Tesla could be important to the US and to Elon Musk, so his reaction should not be surprising.

Final Thoughts

What’s clear is that Elon is all-in. He’s not just criticizing the bill, he’s actively campaigning against it. “Kill the bill,” he told followers, asking them to pressure lawmakers to reject Trump’s plan.

His move has divided conservatives and shaken Trump’s support base. Whether or not the bill survives the Senate, He has made it clear: his priority is cutting U.S. deficit spending, and he’s not backing down.