Bitcoin has been soaring toward the $100,000 mark, recovering after a rollercoaster of price swings spurred by a series of shocking leaks. The surge is partly attributed to predictions that the election of Republican Donald Trump could act as a catalyst for a "tipping point" in Bitcoin’s price.

Now, Elon Musk, the billionaire behind Tesla, has quietly made waves by signaling a potential game-changer for the crypto space. Musk recently sparked a fresh wave of speculation about crypto payments on his rebranded social media platform, X (formerly Twitter). When Musk shared a screenshot showing a "$" button on the app, it immediately raised questions about its use. App researcher Nima Owji speculated it could be part of X Payments, to which Musk simply replied, “True.”

This confirmation has already had an impact, pushing the price of Dogecoin—a cryptocurrency that has long been associated with Musk—higher. Investors have speculated that Musk could expand support for other cryptos like Bitcoin, Ethereum, and XRP, similar to PayPal's push into crypto payments in late 2020, which helped fuel the 2021 Bitcoin bull run.

In addition to the $ button, Musk's X has been quietly acquiring money-transmitting licenses across the U.S. over the past couple of years, fueling further speculation that he could integrate cryptocurrency payments into the platform.

Dogecoin, in particular, has seen renewed attention as Musk’s push to cut U.S. government spending has led to the creation of the "Doge" department, which he believes could help eliminate $2 trillion from the federal budget. This has caused Dogecoin's price to skyrocket, more than doubling in recent weeks. With Musk calling Dogecoin his "favorite" crypto, and his Tesla company already accepting it as payment, many are speculating that it could play a prominent role in his plans for X.

Billionaire Mark Cuban even joked that Musk could one day place Dogecoin in the U.S. Treasury, underscoring the growing interest in this meme-based cryptocurrency.

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