Musk Might Buy More Bitcoin After Congress Rant, XRP Advocate Says

John Deaton, a prominent XRP advocate, has opined that Tesla, which is helmed by centibillionaire Elon Musk, could potentially buy more Bitcoin following the likely passage of the controversial domestic policy bill pushed by the Republicans. 

Inflation might get worse 

The bill, which includes massive tax cuts for the wealthy and businesses, is expected to add $3.8 trillion to the U.S. national debt within a decade. 

Deaton, who is also known for attempting to unseat anti-crypto Massachusetts Senator Elizabeth Warren last year, claims that the controversial bill is a “walking billboard and advertisement for buying Bitcoin.”

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The bill, which will have to face an uphill battle in the Senate, has been slammed as a “disgusting abomination” by the world’s richest person. The bill has also faced opposition from libertarian Kentucky Senator Rand Paul. 

Gold bug Peter Schiff has predicted that the mammoth bill will actually exacerbate the inflation problem. 

“Given larger budget deficits and a weaker dollar, the inflation problem will actually get a lot worse,” Schiff said 

Tesla’s Bitcoin holdings 

Tesla made a trailblazing move with its $1.5 billion Bitcoin purchase back in February 2021. According to the data provided by Arkham Intelligence, the company’s current Bitcoin holdings stand at $1.2 billion.