Musk's $40 Trillion Nightmare Comes True: Bitcoin Surges

Elon Musk's warnings about the US $40 trillion debt crisis are finally coming true, sending shockwaves through the financial markets and causing a surge in the price of Bitcoin.

The billionaire entrepreneur and CEO of SpaceX and Tesla has repeatedly warned that the spiraling debt pile could collapse the US dollar, something some think could send the Bitcoin price even higher.

Billionaire investor Ray Dalio has echoed Musk's concerns, warning that a devastating US debt crisis could come as soon as next year and advising people to buy Bitcoin and gold to protect themselves. 'My guess is that [a debt crisis] will come in three years, give or take two, if the course we're on is not changed,' Dalio said.

Dalio currently has 1% of his portfolio invested in Bitcoin and recommends diversifying well in asset classes and countries with strong income statements and balance sheets. He also suggests underweighting debt assets like bonds and overweighting gold and a bit of Bitcoin.