Elon Musk: Declining inflation will lead to a decline in the prices of dollar-denominated cryptocurrencies

Elon Musk, CEO of Tesla and SpaceX, said that decreasing inflation and curbing government spending will lead to a decline in the prices of dollar-denominated cryptocurrencies.

Musk explained in a tweet on the platform that "solving the problem of dollar inflation will actually reduce the price of buying cryptocurrencies with dollars, and thus their prices will decrease."

This came in response to Gary Tan of Combinator V's expectations that the price of Dogecoin will rise if Musk's upcoming government efficiency initiative "DOGE", which he supports, succeeds in reducing government spending.

It is worth noting that Musk is a prominent supporter of the Dogecoin currency, and he has adopted it in Tesla transactions and made it a temporary logo for the platform

Musk is known for his strong support for the Dogecoin currency, as he has previously adopted it as a means of payment for some Tesla products and used it as a temporary logo for the platform.