Elon Musk has brought up the issue of massive inefficiencies present in federal spending, suggesting Bitcoin as a potential solution.
Inefficiency in Federal Spending
According to Musk, various departments, such as Treasury, Defense, and Health and Human Services, carry out financial operations without clear oversight. Musk commented: 'You may think the government’s finances are well-tracked, but they’re probably off by 5% or even 10%.'
Bitcoin as a Solution
Bitcoin is considered 'hard money' because it cannot be created out of thin air. Unlike the U.S. dollar, which can be printed at will by the Federal Reserve, all transactions are recorded and audited by a decentralized network, leaving no room for unauthorized payments.
The Real Cost of Loose Money
Unsupervised spending leads to inflation and decreases citizens' purchasing power. Implementing a Bitcoin-based system would not only expose inefficiencies but also prevent them.
Using Bitcoin can offer a more transparent and reliable financial system, addressing some of the current issues in government spending.
