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Elon Musk has made fresh overtures toward the crypto sector at a time when Bitcoin is experiencing a surge in its price.
The Tesla, X billionaire is gaining increased prominence at present due to his close relationship with President-elect Donald Trump who has earmarked the tech mogul and Vivek Ramaswamy to head up a new ‘Department of Government Efficiency’.
The newly formed external unit is expected to work with the Office of Management and Budget to “drive large-scale structural reform, and create an entrepreneurial approach to Government never seen before”.
It has also been referred to as DOGE, not to be confused with Musk’s favorite cryptocurrency dogecoin which is also experiencing a price boom, leading the gains across the board.
Bitcoin has jumped beyond $90,000 per bitcoin in a week, with traders buoyant on the prospects of $100,000 due to Trump’s forthcoming return to the White House.
He is expected to make several crypto-friendly appointments for his second term in office, but the mood is generally upbeat with the overall market exceeding $3 trillion for the first time in three years.
I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug
— Elon Musk (@elonmusk) November 13, 2024
Send Dogecoin to the moon
After BlackRock was said to be making plans to fully back Bitcoin, Musk directed comments toward his preferred ‘memecoin’.
That name originated as Dogecoin (pronounced dohj-coin) was first seen as an irreverent project but a dedicated band of followers, and Musk’s endorsement, has culminated in its price, and status, soaring into the mainstream of crypto.
“I think the flat inflation of dogecoin, which means decreasing percentage inflation, is a feature, not a bug,” he I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug
Tesla and SpaceX, both Musk-controlled, accept dogecoin for some purchases while the man himself is known to have a personal holding of the crypto he once vowed to “send to the moon.”
Image credit: Via Midjourney
