💥Elon Musk Makes Surprise Cryptocurrency Endorsement Amid $3 Trillion Bitcoin and Dogecoin Price Surge💥
Elon Musk, the Tesla billionaire who earlier this month declared a “financial emergency” in the United States, has ventured back into the world of cryptocurrencies amid a bitcoin price boom that may just be getting started.
Bitcoin price has surpassed $90,000 per bitcoin, up 20% in a week, as traders eye $100,000 following Donald Trump's victory in the US presidential election, with Musk's "favorite" cryptocurrency dogecoin leading the rally that has pushed the entire market back above $3 trillion for the first time since 2021.
Now, after leaks revealed that BlackRock is quietly planning a big investment in bitcoin, Elon Musk has praised the meme-based dogecoin, a cryptocurrency he once vowed to "send to the moon."
“I think dogecoin’s fixed inflation rate, i.e. decreasing inflation percentage, is a feature, not a bug,” Musk posted on X in response to dogecoin co-creator Billy Markus, who suggested users should remove dogecoin’s inflation rate if they don’t like it.
“You can make changes right there, file a pull request, convince the community and miners to use the new version,” Markus posted, adding that “inflation is ideal for something that is supposed to be a currency with stable and predictable inflation with a decreasing percentage” and “much lower than the dollar.”
This week, the price of dogecoin returned to levels not seen since the Musk-led crypto craze of 2021.
Musk's public comments about bitcoin, cryptocurrencies, and dogecoin throughout 2021 fueled the lockdown-era crypto bubble, which landed Musk in legal trouble when the bubble burst—with a judge dismissing a lawsuit alleging Musk and Tesla pumped up the price of dogecoin to $258 billion in a "pyramid scheme" earlier this year.
Tesla and Musk's rocket company SpaceX both accept dogecoin for some purchases, and Musk has said he personally owns some of the meme-based cryptocurrency.
Musk—who was appointed by US President-elect Donald Trump to head the new Department of Government Efficiency and is nicknamed Doge after the meme behind the dogecoin—recently warned that inflation could mean the US dollar is headed for “destruction.”
Musk actively campaigned for Trump in the weeks leading up to the US election and is now part of a pro-bitcoin and crypto advisory group around the president-elect.
Trump’s victory has sent bitcoin prices soaring over the past week as traders bet that his administration will loosen cryptocurrency regulations and shake up leadership at regulatory agencies that have taken a dim view of the cryptocurrency market.
Trump has also floated plans to create a US bitcoin strategic reserve fund — predicting the price of bitcoin could eventually surpass gold — and the possibility of using bitcoin to pay down the US's $35 trillion debt.
