American financier Anthony Scaramucci has suggested that the price of Bitcoin, the leading cryptocurrency, could potentially surge to $500,000 due to excessive government spending in the US.
Scaramucci, a frequent critic of the current administration, believes that the Department of Government Efficiency (DOGE) has erased the "illusion" of the government being able to cut $2 trillion.
Earlier today, Bloomberg published an op-ed by columnist Justin Fox, which argues that the DOGE did not manage to reduce government spending. In fact, it kept growing up despite a string of layoffs and other cutbacks.
On Wednesday, it was reported that Trump would ask congressional lawmakers to vote for $9 billion in spending cuts. However, this sum represents only a small portion of the $175 billion worth of savings that Musk's team allegedly achieved with DOGE.
Previously, Musk promised to reduce the federal budget by as much as $2 trillion, but this target was obviously never achieved.
Scaramucci is among those Bitcoin proponents who believe that government spending will be able to push the largest cryptocurrency to new highs.
Last week, Bitcoin reached its current all-time peak of $112,000, but it has since pared some gains.
Vladislav Sopov
U.Today Editorial Team