Elon Muskon Tuesday, predicted a potential drop in cryptocurrency prices as Bitcoin BTC/USD And Dogecoin DOGE/USD if dollar inflation is combated.
What happened: THE Tesla And Space The CEO expressed his views on the benefits of cryptocurrencies if inflation and government overspending were brought under control.
“If dollar inflation is resolved, the dollar price for buying cryptocurrencies will fall, all else being equal,” Musk wrote in an X article. “What matters is the ratio of dollars to cryptocurrencies.”
This remark followed a message from Gary TanCEO of Y combinerwho predicted that the price of Dogecoin would rise if Musk’s upcoming Department of Government Efficiency, or DOGE, achieved its goal of reduce public spending.
See also: Ethereum Co-Founder Vitalik Buterin Offloads Nearly 1 Million Memecoins for Charity – Dogecoin Sister Coin NEIRO Plunges 3% After Sale
Why it matters: Musk’s comments follow reports that the The tech titan planned to introduce a new Bitcoin and cryptocurrency feature called “X Money” on X.
According to a leak reported by influencer Alex Finn and MacRumors contributing researcher Aaron Perris, “X Money” could launch without needing approval from all 50 states.
Musk was a passionate supporter of DOGE meme coinand the acronym for its next government department is based on the dog-themed cryptocurrency.
Price action: At the time of writing, Bitcoin was trading at $96,967.23, down 4.81% over the past 24 hours, according to data from Benzinga Pro. DOGE was priced at $0.3515, collapsing by 9.41%.
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