Elon Musk, CEO of Tesla and SpaceX 🌌, stated that lower inflation rates 📉 and reduced government spending 🏛️ could lead to a decline in the prices of dollar-denominated cryptocurrencies 💵.
✨ In a tweet on the X platform, Musk explained:
“Tackling the dollar inflation problem will actually lower the cost of buying cryptocurrencies with dollars, which will lead to lower prices.”
💡 Musk's comment came in response to predictions by Gary Tan of Y Combinator, who predicted that the price of Dogecoin 🐕 would rise if Musk's new initiative to cut government spending, called DOGE, succeeds.
🪙 Musk is one of the biggest supporters of Dogecoin, having previously adopted it as a means of payment for some of Tesla's products 🚗, and even making it the temporary logo for the X platform for a short period.
Musk continues to reinforce his role as a major supporter of Dogecoin, emphasizing that it is more than just a digital currency; it is a symbol of innovative use in the digital economy.