Elon Musk's Crypto Moves: Could He Increase Bitcoin Holdings After Congressional Criticism of XRP?

XRP Advocate Suggests Tesla May Boost Bitcoin Holdings Amid Republican Tax Cut Bill

John Deaton, a prominent XRP advocate, recently speculated that Tesla—led by billionaire Elon Musk—might expand its Bitcoin reserves if a Republican-backed tax cut bill passes. The proposed legislation, which includes substantial tax reductions for corporations and high-income earners, is projected to increase the U.S. national debt by $3.8 trillion over the next ten years.

Deaton, who previously challenged anti-crypto Senator Elizabeth Warren in Massachusetts, described the bill as a "walking billboard and advertisement for buying Bitcoin." Despite its potential economic impact, the bill faces strong opposition, including criticism from Musk himself, who called it a "disgusting abomination." Libertarian Senator Rand Paul has also voiced concerns.

Economist Peter Schiff warned that the bill could worsen inflation, stating, "Given larger budget deficits and a weaker dollar, the inflation problem will actually get a lot worse." Meanwhile, Tesla, which made headlines with its $1.5 billion Bitcoin investment in early 2021, currently holds approximately $1.2 billion worth of BTC, according to Arkham Intelligence data.