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Elon Musk Abruptly Breaks Silence on Bitcoin After Shocking Warning of US Dollar ‘Destruction’ That Could Trigger Cryptocurrency Price Boom
Elon Musk, the billionaire CEO of Tesla, has mostly stayed away from comments on bitcoin and cryptocurrencies since the bitcoin price crash in 2022 (even as fellow billionaire Mark Cuban makes a “crazy” prediction about the price of bitcoin).
However, the price of bitcoin has recovered, surpassing the peak of late 2021 and Soaring above $70,000 per bitcoin as Wall Street adopts AND Donald Trump’s Cryptocurrency Conversion Fuels Bull Market.
Now, after Musk issued a shock warning about the future of the US dollarThe mercurial billionaire has broken his long silence on Bitcoin, saying he sees “some merit” in it.
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Tesla billionaire Elon Musk remains a major driver of the bitcoin and cryptocurrency market, with his … [+] comments and posts that often trigger strong price swings.
Getty Images for the New York Times
“I think there’s some merit in bitcoin, and maybe some other cryptocurrencies,” Musk said during a interview broadcast on YouTube. “I have a kind of weakness for [the meme-based bitcoin rival] dogecoin because I like dogs and memes,” Musk added.
Musk helped bitcoin’s price surge in 2021, dragging dogecoin and the broader cryptocurrency market down with it, adding $1.5 billion in bitcoin to Tesla’s balance sheet.
However, he later sent the price of bitcoin crashing when he first canceled Tesla’s plans to accept bitcoin as payment and then sold most of Tesla’s bitcoin to achieve a profitable quarter in 2022.
Tesla still holds about 10,000 bitcoins, worth nearly $650 million, on its balance sheet.
Meanwhile, Musk has been stirring up controversy with a series of updates to his social media company X that some bitcoin and cryptocurrency traders think could transform the market.
“The circle will be complete,” Musk said. published to X in March along with an image linking X to his old payments company, which became PayPal.
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Bitcoin price has risen over the past year, despite Elon Musk never talking about bitcoin… [+] and cryptocurrencies.
Forbes Digital Assets
In April, speaking at a Tesla factory, Elon Musk teased the possibility of buying Tesla cars with dogecoin, saying “dogecoin to the moon” despite revealing what he believes is the “real currency” last month.
X, formally known as Twitter, has has quietly acquired money transfer licenses in the U.S. over the past year, with Musk saying he wants to “revolutionize” payments in 2024.
In May, Musk denied reports that he had “discussed cryptocurrencies” with former US President and 2024 Republican presidential candidate Donald Trump.
“I’m pretty sure I’ve never talked to Trump about cryptocurrency, even though I’m generally in favor of things that shift power from the government to the people, which cryptocurrency can do,” Musk said. he wrote in a post on X at the time.