Elon Musk’s Doge Department of Government Efficiency, named after dogecoin, its meme-based Bitcoin rival, sent shockwaves through Washington as Musk repeatedly warned of ‘bankrupting’ states -United.
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The price of dogecoin has soared, as has that of bitcoin, following Donald Trump’s US presidential election that Musk campaigned for, with traders betting that the Tesla billionaire and X owner will help Trump create a pro-crypto administration.
Today, as traders prepare for Musk to announce a change in crypto, Musk said that if his Doge department succeeds in combating inflation, it could lower the price of Bitcoin, Dogecoin and more. other major cryptocurrencies.
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Elon Musk, the Tesla billionaire, recently contributed to the price rise of Bitcoin and Dogecoin. … [+]
“If dollar inflation is resolved, the dollar price for purchasing cryptocurrencies will fall, all else being equal,” Musk said. wrote to X in response to a message from Garry Tan, managing director of startup incubator Y Combinator. “What matters is the dollar/crypto ratio,” Musk added.
Tan had posted a video of the leader of the Conservative Party of Canada, Pierre Poilievre, explaining how he would reduce inflation in the country by reducing “excessive spending.”
“My prediction for 2025 was that dogecoin would rise if Elon’s Doge succeeded, and this is why,” Tan posted.
US debt has soared in recent years, surpassing $34 trillion in early 2024, as Covid and lockdown stimulus measures contributed to massive government spending and sending inflation out of control in 2022 .
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Dogecoin Price Near 2021 High Thanks to Elon Musk’s Doge … [+]
Inflation of more than 10% has forced the Federal Reserve to raise interest rates at a historic pace, increasing interest payments on the debt and fueling fears of a “death spiral.”
Musk’s campaign against US overspending resulted in the creation of the Doge Department Of Government Efficiency, which Musk said could remove $2 trillion from US spending.
The Doge department is a nod to the shiba inu doge meme which is also linked to the cryptocurrency dogecoin, referred to by Elon Musk as his “favorite” cryptocurrency and accepted as payment by his car manufacturer Tesla, although that Tesla continues to hold around 10,000 bitcoins. $1 billion on its balance sheet.
