Elon Musk, the billionaire Tesla who declared a “financial emergency” in the United States earlier this month, ventured into the world of crypto amid a Bitcoin price boom that may just be beginning.
The price of bitcoin has exceeded $90,000 per bitcoin, an increase of 20% in one week. traders eye $100,000 after Donald Trump’s US presidential victorywith Musk’s “favorite” cryptocurrency dogecoin leading a price pump that sent the combined market over $3 trillion for the first time since 2021.
NOW, after leak reveals BlackRock is quietly considering doubling down on BitcoinElon Musk praised dogecoin based on memes, a cryptocurrency he vowed to “send to the moon.”
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Tesla CEO Elon Musk Helped Bitcoin Price Skyrocket This Year, But He Did It Largely … (+)
“I think dogecoin flat inflation, meaning a decrease in inflation percentage, is a feature, not a bug,” Musk said. job to
“You can edit it here, make a pull request, convince the community and miners to use the new version,” Markus posted, adding that inflation “is ideal for something intended to be a currency, stable inflation and predictable with a decreasing percentage. and is “much, much lower than the dollar.”
Dogecoin was created as what is called a fork of the original bitcoin, using the same code base with only a handful of changes, including the fact that there can be an unlimited number of dogecoin unlike the fixed supply of bitcoin of 21 million.
The price of dogecoin returned this week to levels not seen since the Musk-led crypto boom of 2021.
Musk’s public comments on bitcoin, crypto and dogecoin through 2021 inflated a lockdown-era crypto bubble that landed Musk in legal trouble when it burst – with a judge dismiss a lawsuit claiming that Musk and Tesla drove up the price of dogecoin in a $258 billion “pyramid scheme” earlier this year.
Both Tesla and Musk’s SpaceX rocket company accept dogecoin for certain purchases and Musk has said he personally owns some of the meme-based cryptocurrency.
Musk – appointed by US President-elect Donald Trump to lead the new Department of Government Effectiveness, nicknamed Doge after the meme behind dogecoin –recently warned that inflation could mean the US dollar is heading towards “destruction”.
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Bitcoin price hit new all-time high this week, along with dogecoin and other small … (+)
Musk hit Trump’s campaign hard in the weeks leading up to the US election and is part of a group of strongly pro-bitcoin and crypto advisors now surrounding the president-elect.
Trump’s victory has propelled the price of bitcoin higher over the past week, with traders betting that his administration will lead to loosening of crypto regulations and a change in leadership at regulatory agencies that have frowned on crypto markets.
Trump also launched a plan to create a US strategic reserve for Bitcoin – predicting that the price of Bitcoin could eventually eclipse gold – and the possibility of using Bitcoin to pay off the US debt of 35 trillion dollars.