Elon Condemns Crypto Bill: Discover the Hidden Light in This Abomination!

Elon Musk Slams Trump’s “Big Lovely Bill” Amid Crypto Implications

The One Big Beautiful Bill Act (OBBBA), a massive tax and spending bill by the Trump management, has sparked controversy. It narrowly passed the House in late May 2025.

spanning over a thousand pages, the bill extends the 2017 tax cuts and introduces new measures. Notable changes include zero taxes on tipped wages and full deductions for business investments. It also boosts spending on military and border infrastructure,including a new missile defence system called the “Golden Dome.”

Too fund these changes, the bill raises the national debt ceiling by $4 trillion and cuts several federal programs. This includes Medicaid,food assistance,and other support services. The Congressional Budget Office projects the national debt could rise from $36 trillion to nearly $40 trillion over ten years.

Elon Musk, a former Trump administration official, has criticized the bill. He called it “a repulsive abomination” on X,accusing Republican lawmakers of fiscal dishonesty. Musk, who donated nearly $300 million to Trump and other Republicans, now accuses them of betraying their base.House Speaker Mike johnson defended the bill, while Senate Minority Leader Chuck Schumer criticized it as a $4.5 trillion gift to the ultra-wealthy.

While the OBBBA doesn’t mention crypto directly, it could impact the industry. Full bonus depreciation for capital investments could benefit crypto mining firms. They could write off the entire cost of new mining rigs in the year of purchase, lowering their tax burden.Though, a 5% excise tax on cross-border remittances could create friction for lawful immigrants and visa workers.

U.S. Tax Changes Could Push Remittances to Crypto

A new U.S. tax measure could make traditional remittances more expensive. this could push people to use crypto instead.

Some countries, like Mexico, worry this will hurt their economies. They rely on money sent from abroad. The new tax might make people use stablecoins like USD Coin (USDC) or Bitcoin (BTC).These let people send money across borders without banks.

But this shift could bring more rules. If officials see crypto as a way to avoid taxes, they might watch wallet providers more closely.

Coin Center, a crypto group, calls this a form of financial surveillance. It’s like past ideas to track crypto activity.

Section 899: A New Tool for the U.S. Treasury

Section 899 in the OBBBA gives the U.S. Treasury new powers.It can fight foreign tax rules that hurt U.S. businesses.

If a country’s tax unfairly targets U.S. firms, the Treasury can label it a “Discriminatory Foreign Country.” Then, the U.S. can raise taxes on that country’s companies doing business here.

This could help U.S. crypto firms. If a country taxes U.S.-based platforms like Coinbase,the U.S. might respond. this could protect American firms in global markets.

but there are risks. If the U.S. raises taxes on foreign firms, those countries might do the same. This could hurt crypto companies that work internationally.

A fragmented tax system could slow growth and raise costs. It might also make it harder for crypto projects to work across borders.

For now, Section 899 shows the U.S. won’t let other nations tax U.S. income. But it could lead to higher taxes and more rules for crypto firms.

Spending Bill May Boost Inflation

The OBBBA could affect inflation. Tax cuts and spending changes frequently enough raise price concerns.

Many economists think the bill will stimulate the economy. But without new growth or revenue, it might lead to higher inflation.

The committee for a Responsible Federal Budget warns the bill makes it harder to keep debt levels sustainable. If borrowing continues, it could weaken the dollar.

If this happens, Bitcoin might become a hedge against inflation. It could protect people’s money as prices rise.

Bitcoin’s Future as a Reserve Currency Amid Fiscal Challenges

Brian Armstrong, CEO of Coinbase, recently shared his thoughts on Bitcoin’s potential role as a reserve currency. He believes that if the U.S. Congress fails to address the deficit and debt,Bitcoin could take over. Armstrong loves Bitcoin but stresses the importance of a financially stable America.

The pattern has ancient context. In 2020 and 2021, Bitcoin’s value surged as investors sought refuge from aggressive monetary and fiscal policies. Bitcoin reached over $60,000 by early 2021. A similar trend is emerging in 2025. After the House approved the OBBBA, Bitcoin surpassed $111,000 in may, despite moderate inflation.

However, the link between inflation and crypto markets is complex. When inflation rises and central banks hike interest rates, crypto often faces pressure. In 2022, Bitcoin lost over 50% of its value due to the Federal Reserve’s rapid rate hikes.

Higher interest rates make traditional assets like Treasury bonds more attractive, leading institutional investors to exit the crypto market. Retail investors may also reduce their crypto holdings during inflationary stress.

Volatility in inflation complicates crypto’s use as a payment method. When purchasing power is uncertain, people may prefer to save rather than spend Bitcoin. OBBBA adds a larger fiscal footprint, which investors are now recalibrating for.