Ah, the age-old clash between titans! Bitcoin (BTC) and its fellow digital assets have taken a nosedive as the world watches an ever-more absurd feud between Donald Trump, the President of the United States (because who wouldn’t want to be president of, well, *everything*), and Elon Musk, the richest man on the planet, escalate to the point of threatening to tear this country asunder. Truly a spectacle for the ages. 🍿
Relationship publicly sours over big beautiful bill
It all started on a fateful Thursday when Musk couldn’t help but air his grievances about Trump’s “One Big, Beautiful Bill Act,” the tax-and-spending behemoth that’s poised to add a staggering $2.4 trillion to the deficit. How delightful.
“I’m sorry, but I just can’t stand it anymore,” Musk declared on X (formerly known as Twitter, but we don’t talk about that). “This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.” Dramatic much? 🧐
Trump, in his infinite wisdom, had once called upon Musk to lead a freshly minted Department of Government Efficiency (DOGE, quite ironically). The goal? To trim the excess fat from US Federal Government spending. But Musk, ever the purist, took issue with this bill, particularly the spending on infrastructure, border security, and, of course, those delightful industrial subsidies.
He went on, “This bill will only make the deficit worse! A $2.5 trillion disaster!!!” You can almost hear the dramatic music in the background. 🎬
And did we mention that the bill might eliminate or reduce EV tax incentives, the same credits that help Tesla buyers? Shocking! But, really, who could blame Musk for taking this *personally*? 🤔
Trump and Musk exchange jabs
Not one to take a hit lying down, Trump retaliated on June 5. In a press conference and on Truth Social (which is as real as the name suggests), he threatened to axe government subsidies to Musk’s ventures. “The easiest way to save money… is to terminate Elon’s Governmental Subsidies and Contracts.” Ouch. SpaceX, Tesla, and the rest of Musk’s empire might want to stock up on ice packs.
Unperturbed, Musk took to X to respond with typical bravado, saying, “Go ahead, make my day.” He wasn’t done. Oh no. He further stoked the flames by insinuating that Trump might be “in the Epstein files” — a thinly veiled jab, implying that Trump’s name might be floating around in the sealed documents of the late, infamous Jeffrey Epstein. A strong move, Mr. Musk. A very strong move. 🙄
By Thursday night, things had spiraled out of control faster than a Tesla at full speed. Musk hinted that SpaceX might just decommission its Dragon spacecraft program in protest, while Trump reportedly pondered ousting Musk from his DOGE role. Musk even liked posts calling for Trump’s impeachment. Guess this isn’t your average boardroom spat. 😏
Crypto Market Reaction: Sharp Sell-Off
The fallout? A dramatic crypto sell-off, of course! Bitcoin, which had been flirting with the $105,000 mark earlier in the week, suddenly plummeted to around $100,500 by Thursday. As the drama unfolded, traders dove for cover, shifting to safer havens like gold, which saw a modest 0.6% increase in the last 24 hours. Classic.
But here’s a silver lining for the BTC bulls: Bitcoin seems to be growing a backbone. Despite a rocky start to the year, BTC has defied global economic setbacks like Trump’s tariff wars and soared to new all-time highs. Talk about resilience. 💪
And then, there’s Dogecoin (DOGE), Musk’s pet project. It took the hardest hit, plunging 10% on Thursday and suffering a 22% drop for the week. Without Musk’s symbolic role in DOGE, its speculative value took a nosedive. You can practically hear the coin crying. 😔
In total, $620 million in crypto long positions were liquidated across exchanges in just four short hours. Ouch. 💸
And don’t forget the stock market! Tesla saw its biggest single-day loss in over a year, shedding a jaw-dropping 14.3% on Thursday. In layman’s terms, $151 billion in Tesla market cap vanished faster than you can say “electric car.” ⚡️
This feud isn’t just a distraction — it’s a reminder of how much our financial world revolves around personalities these days. Whether these two can patch things up, or if this rift will go deeper, is anyone’s guess. But rest assured, we’re all in for one heck of a ride. 🎢
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2025-06-06 12:15