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Elon Musk, the Tesla billionaire who earlier this month declared a U.S. “financial emergency,” has ventured back into the world of crypto amid a bitcoin price boom that could be just getting started.
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The bitcoin price has topped $90,000 per bitcoin, up 20% in a week, as traders eye $100,000 in the wake of Donald Trump’s U.S. presidential victory, with Musk’s “favorite” cryptocurrency dogecoin leading a price pump that’s sent the combined market back over $3 trillion for the first time since 2021.
Now, after a leak revealed BlackRock is quietly planning to double down on bitcoin, Elon Musk has praised the meme-based dogecoin, a cryptocurrency he once vowed to “send to the moon.”
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Tesla chief executive Elon Musk has helped the bitcoin price soar this year but has largely … [+]
“I think the flat inflation of dogecoin, which means decreasing percentage inflation, is a feature, not a bug,” Musk posted to X in response to dogecoin co-creator Billy Markus who had suggested users propose removing dogecoin’s inflation if they don’t like it.
“You can change it right there, make a pull request, convince the community and miners to use the new version,” Markus posted, adding inflation”is ideal for something intended as a currency steady predictable inflation with a percentage that goes down” and is “much, much lower than the dollar.”
The dogecoin price has this week returned to levels not seen since the Musk-led crypto boom of 2021.
Musk’s public comments on bitcoin, crypto and dogecoin through 2021 inflated a lockdown-era crypto bubble that landed Musk in legal trouble when it popped—with a judge dismissing a lawsuit claiming Musk and Tesla pumped up the dogecoin price into a $258 billion “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—named by U.S. president-elect Donald Trump to lead the new Department of Government Efficiency, nicknamed Doge after the meme behind dogecoin—has recently warned inflation could mean the U.S. dollar is heading for “destruction.”
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The bitcoin price has rocketed to a fresh all-time high this week, with dogecoin and other small … [+]
Musk hit the campaign trail hard for Trump in the weeks before the U.S. election and is now among a group of heavily pro-bitcoin and crypto advisors that now surrounds the president-elect.
Trump’s victory has propelled the bitcoin price higher over the last week as traders bet his administration will mean a softening of crypto regulations and a change of leadership at regulatory agencies that have frowned on crypto markets.
Trump has also floated plans to create a U.S. bitcoin strategic reserve—predicting the bitcoin price could eventually eclipse gold—and the possibility of using bitcoin to pay off the U.S.’s $35 trillion debt pile.