Republican Congressman Thomas Massie blamed the ballooning US debt on Trump’s One Big Beautiful Act.
The federal debt has already surpassed $37 trillion, translating to over $108K debt per capita.
Bitcoin and several crypto assets could generally thrive in this scenario, but with a few caveats.
Kentucky Representative Thomas Massie from the Republican Party hadn’t been shy about voicing his opposition to some of his party’s actions. Recently, he again expressed his displeasure with the “One Big Beautiful Act” supported and signed by US President Donald Trump.
“Thanks to the One Big Beautiful Bill Act, the debt just officially passed the $37 trillion mark,” said Massie in a post on X today.
One Big Beautiful Bill is a “Debt Bomb Ticking”
Massie has strongly opposed the bill during its passage in Congress, calling it a “debt bomb ticking” during deliberations on the House floor. His key concern lay in the sustainability of its provision on increasing the debt cap by $5 trillion.
ADVERTISEMENT“This bill dramatically increases deficits in the near term but promises our government will be fiscally responsible five years from now,” Massie stated last May. “Where have we heard that before? How do you bind a future Congress to these promises? This bill is a debt bomb ticking.”
Massie’s rhetoric led to Trump alleging that the Congressman does not understand the government. The president also referred to him as a “grandstander” in response to his opposition to the bill.
Despite the Fourth District of Kentucky representative’s resistance, the Senate approved the bill in a dramatic 51-50 vote while the House passed it under a close 218-214 vote in early July before Trump’s signing.
ADVERTISEMENT## Breaking Down the Figures
As of Wednesday morning (UTC), the US debt has already reached $37.225 trillion based on USDebtClock.org data. This translates to roughly $108,500 debt per capita, or for each person, and $323,000 per taxpayer in America.
US Debt ClockCrunching down the numbers, the US currently has $7.233 trillion in federal spending and a $2 trillion budget deficit. These came against a $5.224 trillion tax revenue and a $30.198 trillion gross domestic product (GDP).
Massie echoed the same sentiment Tesla CEO and X owner Elon Musk aired earlier, which was one of the reasons for his now-soured alliance with Trump.
What This Means for Crypto?
The rising debt usually does not end well for the US dollar. According to the Bipartisan Policy Center, the event could diminish the dollar’s dominance in the global financial markets. Eventually, it could lead to fewer investments and a higher inflation rate in the US.
Bitcoin (BTC) may thrive in the given situation due to its “safe haven” and “digital gold” status. Its decentralized nature, protecting it from fiat devaluation and economic uncertainties, could attract retail and institutional investors to hedge their capital in it.
In the long run, the consistent outperformance of BTC and other cryptocurrencies against the US dollar could further boost activity within their ecosystem, and the higher demand could eventually reflect on their higher prices against fiat.
ADVERTISEMENTOn the other hand, the Federal Reserve’s introduction of higher interest rates could lead to a stronger US dollar and more demand in the bonds and treasury securities market. These safer interest-bearing investments give risk-averse investors a better alternative to protecting their wealth against inflation and economic uncertainties. Lower risk and more enticing rewards could lead to people allocating more capital to them than to crypto assets.
Other events could, however, accelerate or dispel these scenarios, including market disruptions from innovations, regulations, market sentiment, and more. Hence, readers should not consider the facts presented in this article as a definitive prediction of what’s to come. Everyone must do their research and not base their investment strategy solely on the information found here.
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Congressman Massie Blames $37T US Debt On One Big Beautiful Act—What This Means For Crypto
Kentucky Representative Thomas Massie from the Republican Party hadn’t been shy about voicing his opposition to some of his party’s actions. Recently, he again expressed his displeasure with the “One Big Beautiful Act” supported and signed by US President Donald Trump.
“Thanks to the One Big Beautiful Bill Act, the debt just officially passed the $37 trillion mark,” said Massie in a post on X today.
One Big Beautiful Bill is a “Debt Bomb Ticking”
Massie has strongly opposed the bill during its passage in Congress, calling it a “debt bomb ticking” during deliberations on the House floor. His key concern lay in the sustainability of its provision on increasing the debt cap by $5 trillion.
ADVERTISEMENT“This bill dramatically increases deficits in the near term but promises our government will be fiscally responsible five years from now,” Massie stated last May. “Where have we heard that before? How do you bind a future Congress to these promises? This bill is a debt bomb ticking.”
Massie’s rhetoric led to Trump alleging that the Congressman does not understand the government. The president also referred to him as a “grandstander” in response to his opposition to the bill.
Despite the Fourth District of Kentucky representative’s resistance, the Senate approved the bill in a dramatic 51-50 vote while the House passed it under a close 218-214 vote in early July before Trump’s signing.
ADVERTISEMENT## Breaking Down the Figures
As of Wednesday morning (UTC), the US debt has already reached $37.225 trillion based on USDebtClock.org data. This translates to roughly $108,500 debt per capita, or for each person, and $323,000 per taxpayer in America.
Massie echoed the same sentiment Tesla CEO and X owner Elon Musk aired earlier, which was one of the reasons for his now-soured alliance with Trump.
What This Means for Crypto?
The rising debt usually does not end well for the US dollar. According to the Bipartisan Policy Center, the event could diminish the dollar’s dominance in the global financial markets. Eventually, it could lead to fewer investments and a higher inflation rate in the US.
Bitcoin (BTC) may thrive in the given situation due to its “safe haven” and “digital gold” status. Its decentralized nature, protecting it from fiat devaluation and economic uncertainties, could attract retail and institutional investors to hedge their capital in it.
In the long run, the consistent outperformance of BTC and other cryptocurrencies against the US dollar could further boost activity within their ecosystem, and the higher demand could eventually reflect on their higher prices against fiat.
ADVERTISEMENTOn the other hand, the Federal Reserve’s introduction of higher interest rates could lead to a stronger US dollar and more demand in the bonds and treasury securities market. These safer interest-bearing investments give risk-averse investors a better alternative to protecting their wealth against inflation and economic uncertainties. Lower risk and more enticing rewards could lead to people allocating more capital to them than to crypto assets.
Other events could, however, accelerate or dispel these scenarios, including market disruptions from innovations, regulations, market sentiment, and more. Hence, readers should not consider the facts presented in this article as a definitive prediction of what’s to come. Everyone must do their research and not base their investment strategy solely on the information found here.
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