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Highlights
- Elon Musk spotlights key reasons behind the current US inflationary pressure.
- Musk proposes reducing "wasteful government spending" to bring down inflation.
- Galaxy CEO Mike Novogratz praises Musk's bipartisan approach to tackling inflation.
- Novogratz recommends holding assets like Bitcoin, gold, and silver to hedge against inflation.
Tech mogul Elon Musk has recently made comments on the US inflation and proposed a key solution to bring down the prices. This has fueled discussions in the broader financial sector, especially after his recent interview with former US President Donald Trump. Besides, his recent comments also received applause from key figures like Mike Novogratz, who views his latest comment as a bi-partisan approach, suggesting other assets like Bitcoin, and gold could be beneficial to hold now.
Elon Musk Comments On US Inflation
In a recent X post, Elon Musk, well known for his bold views, recently commented on the growing concerns over inflation in the United States. According to Tesla’s CEO, the core issue behind the soaring prices could be attributed to excessive government spending.
Proposing a solution, the tech titan suggests that the Federal government spending more than it earns is one of the primary reasons behind the US inflation. To bridge the gap, the government is focusing on printing more money, which in turn is only exacerbating the issue by devaluing the currency and pushing the prices higher.
However, he also suggested a straightforward solution to the current economic woes. According to him, the US Federal government should start trimming its “wasteful government spending” to address the issue.
Meanwhile, Musk advocates for a more responsible approach to managing the taxpayers’ money. He stressed that the funds should be used more efficiently instead of just spending unwisely. His recent call for fiscal discipline resonates with many, especially as the US inflationary pressure continues to squeeze the Americans’ wallets.
Galaxy CEO Lauds The Bipartisan Approach
The latest comments from Elon Musk have been praised by the X users as well as from key industry figures. Galaxy CEO Mike Novogratz, a well-known individual in the crypto space, lauded the tech mogul’s latest statement, deeming it a rare bipartisan stance.
Mike Novogratz, sharing the Tesla CEO’s post on X, echoes his sentiment. He said that the US government’s reluctance to reform major entitlement programs like Social Security and Medicare will only add to the nation’s financial woes.
Commenting on that, the Galaxy CEO also emphasized the importance of holding assets like Bitcoin, gold, and silver, as a hedge against inflation. He views these assets as crucial in preserving wealth in an environment where traditional currencies are losing their value. In addition, Bitcoin maxi Fred Krueger recently predicted that BTC price could hit $1 million after the US Fed’s rate cut announcement and if the inflation continues to soar.
However, the latest figures like the US CPI showed that inflation is cooling in the US. Despite the indicator hinting at easing inflationary pressures, it still stays above the US Fed’s 2% target range.
Meanwhile, the endorsement of the Tesla CEO’s view also highlights the growing concerns among investors over the long-term stability of the US dollar. Elon Musk’s insights into the causes of US inflation and his proposed solutions have sparked a crucial conversation about fiscal responsibility and the need for sound economic policies.
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