Elon Musk said if dollar inflation is controlled, the value of cryptocurrencies like Dogecoin and Bitcoin may declineThe comment was made in reaction to a post made by Y Combinator CEO Garry Tan, who estimated that Dogecoin’s price may increaseMusk made these remarks after it was reported that the internet giant intended to launch “X Money,” a new Bitcoin and cryptocurrency feature on X
Henzodaily.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Elon Musk, on Tuesday, predicted a potential drop in prices of cryptocurrencies like Bitcoin and Dogecoin if dollar inflation is addressed.
Elon Musk gives condition for the price in dollars to buy cryptocurrency to drop. Photo Credit: Elon Musk, Contributor
Source: Getty Images
The Tesla and Space X CEO expressed his views on how cryptocurrencies would benefit if inflation and government overspending were curbed.
“If dollar inflation is solved, the price in dollars to buy cryptocurrency will actually drop, other things being equal,” Musk wrote in an X post. “What matters is the ratio of dollars to cryptocurrency.”
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The remark was in response to a post by Garry Tan, CEO of Y Combinator, who predicted Dogecoin’s price would go up if Musk’s upcoming Department of Government Efficiency, or DOGE, achieves its goal of reducing government spending.
What this means
Yahoofinance reported that Musk’s comments come in the wake of reports that the tech titan was planning to introduce a new Bitcoin and cryptocurrency feature called “X Money” on X.
According to a leak reported by influencer Alex Finn and MacRumors contributing researcher Aaron Perris, “X Money” might launch without needing approval from all 50 states.
Musk has been a passionate supporter of DOGE meme coin, and the acronym for his upcoming government department is based on the dog-themed cryptocurrency.
Meanwhile, the price of Bitcoin recently surpassed $75,000 the same day that Republican Party candidate Donald Trump won the US presidential election. the cryptocurrency went ahead to surpass $100,000 in the following days.
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CoinMarketCap, a website that tracks the price of cryptocurrency assets, showed that the top cryptocurrency has increased by more than 5.24 percent trading at $80,945.35 at 7:31 p.m. (GMT+1) on Sunday, November 10.
The Trump campaign revealed in May 2024 that supporters may donate in cryptocurrency, including as bitcoin, ether, and dogecoin, suggesting that cryptocurrency will play a significant role in the election.
According to Financial Times, the former US president started endorsing World Liberty Financial, a cryptocurrency company founded by his old business associates and others, recently.
SEC releases names of cryptocurrency companies approved
Henzodaily.ng reported that Securities and Exchange Commission (SEC) has released the list of cryptocurrency companies authorised to operate in Nigeria.
The approval comes amid ongoing efforts to regulate digital assets.
According to a statement from the SEC, it has granted approval in principle to two digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited, to begin operations under its Accelerated Regulatory Incubation Program (ARIP).
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Source: Henzodaily.ng