Elon Musk Proposes New Plan to Shift the US Treasury to Blockchain

Elon Musk’s shocking statement came in today. The tech giant called the current operations of the US treasury flawed. For betterment, he has proposed some eccentric developments which are long due according to him.  

His prime motive is transferring the operations of the US treasury to a blockchain medium. When asked, how will it help, his main phrase was- 

It will prevent government officials from approving any fraudulent payment. Moreover, it can stop any payment which does not sync with the regulations made by Congress. 

His solution is more than shocking  

In an interview this week, Elon Musk mentioned various instances of lawbreaking within the US treasury. Further, he observed that blockchain can protect data and track the smallest of spending.  

Blockchain can also make preset payments without human intervention.  

But Elon Musk is planning to make a more optimal use of blockchain here. According to him, blockchain can voluntarily operate agency buildings.  

In another interview with Forbes, he said that he is still not sure how his plan would work out in practice. But he is sure about one thing- blockchain in the treasury can “save US money.” 

Concerns over Elon Musk proposal  

Analysts of crypto and financial instruments have pointed out more than one concern about this proposal of integrating blockchain.  

The biggest concern is that blockchain can indulge in many unintended consequences, which may trigger inflation. Meanwhile, blockchain-made payments will be way slower. But, most viable of all, this inclusion will create a Spark in the cryptocurrency market and crypto prices will increase unprecedentedly.  

Analysis in a snap  

Investors in different networks like Elon Musk May profit from this shift. But taxpayers may not enjoy any noticeable benefit. Besides, smaller investors are guessing that President Donald Trump has created an aggressive crypto bubble for the US economy.  

If the bubble pops, the US dollar would be badly hit. People may not be getting it straight right now. However, the blockchain is being thought of as a replacement for the currency at the moment.  

Is the US economy ready for this move? Elon Musk said nothing clearly over this counter-question. But his indications are clear. With the disposal of more than 50% of the crypto trade in his hands, the US is ready to make a push for blockchain-based treasury. 

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