Tesla billionaire Elon Musk, who earlier this month declared a “financial emergency” in the United States, is making his return to the world of cryptocurrencies amid a huge rise in the price of Bitcoin, which appears to have only just begun.📈
Bitcoin has surpassed $90,000 per unit, up 20% in a week, with traders expecting the price to reach $100,000 in light of Donald Trump’s victory in the US presidency. In this context, Dogecoin, which Musk considers his “favorite,” led the price rise, helping to raise the market value of cryptocurrencies to more than $3 trillion for the first time since 2021.🚀
After leaks about BlackRock’s plan to increase its investments in Bitcoin, Musk praised Dogecoin, the cryptocurrency he had previously vowed to “send to the moon.” 🌙 “I believe Dogecoin’s flat inflation, meaning low inflation, is a feature, not a bug,” Musk asserted in a post on X.
The comments came in response to Billy Markus, one of the founders of Dogecoin, who suggested adjusting the inflation of the currency if it was not accepted by users. “You can change this, submit a withdrawal request, and convince the community and miners to use the new version,” Markus said.🔄
This week, Dogecoin's price returned to levels not seen since the Musk-led surge in 2021. 📊 However, Musk's past comments about Bitcoin and Dogecoin have inflated the crypto bubble during the lockdown, landing him in legal trouble when the bubble burst. 🚨
Both Tesla and SpaceX accept the cryptocurrency Dogecoin for a number of purchases, and Musk has announced that he owns some of the coin as well.💰
Musk later warned that inflation could be a sign of the destruction of the US dollar.💥 With the Trump presidency approaching, Musk has become one of the advisors supporting Bitcoin and cryptocurrencies in the incoming Trump administration.🌍
Trump’s victory sent bitcoin prices soaring last week, with traders betting his administration would ease regulations on cryptocurrencies. Trump has announced plans to create a U.S. strategic reserve of bitcoin, with expectations that it could outperform gold in the future.💎
