Elon Musk Says Excess Government Spending ‘Causes Inflation’ As Donald Trump Fills Administration With Cryptocurrency Advocates

Posted On November 14, 2024

Elon Musk weighed in on excessive government expenditure as a major driver of inflation amid Donald Trump‘s cabinet appointments spelling potentially good news for the cryptocurrency industry.

What Happened: In a post on X on Thursday, Musk stated that “all government spending is taxation,” either direct or indirect via inflation.

In a related exchange, Shibetoshi Nakamoto, the creator of Dogecoin, criticized the government’s financial practices, noting that the government has spent an average of $2 trillion more annually than it earns over the past eight years.

“Any company that ran like that would fail,” Nakamoto stated, reflecting the broader dissatisfaction over fiscal policy within the crypto community.