elon musk

Elon Musk Unveils Underlying Cause of Inflation, Says He’s Willing To Be Part of Government Efficiency Commission

Published

1 month ago

August 18, 2024

Billionaire Elon Musk believes that one entity is the culprit behind the rising prices of goods and services in the US.

The Tesla CEO says on the social media platform X that the underlying cause of inflation in the US is the federal government’s huge budget deficit.

“Inflation is caused by the federal government spending more than it earns, because they just print more money to make up the difference. To solve inflation, reduce wasteful government spending. Your tax dollars should be spent well, not poorly.”

Data from the U.S. Treasury Department shows that the national deficit has ballooned to $1.516 trillion in just the first 10 months of the 2024 fiscal year. The Congressional Budget Office (CBO) expects the national deficit to soar to $2 trillion by September 30th, 2024, when the current fiscal year expires.

In an interview with podcaster Lex Fridman, Musk, the co-founder of PayPal and the wealthiest person on the planet says he’s willing to share his expertise with the government to improve the nation’s fiscal situation.

“I have discussed with [Donald] Trump the idea of a government efficiency commission, and I would be willing to be part of that commission…

The antibody reaction would be very strong. You’re attacking the matrix at that point. [The] matrix will fight back.”

Coinbase CEO Brian Armstrong agrees with Musk, saying that inflation would virtually vanish if the US government stopped printing more dollars.

“People tie themselves in knots trying to explain causes of inflation, but the primary cause is the government spending more money than it has, and needing to print more.

Neutralize that, and most inflation problems go away.

Bitcoin is the check and balance on excessive inflation. Buying it is a vote against inflation.”

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Donald Trump

Polymarket shows rising odds of Trump nominating Musk to cabinet

Published

2 weeks ago

September 5, 2024

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The odds of Donald Trump winning the November election and nominating Elon Musk to his cabinet have surged on Polymarket.

A Polymarket poll with over $803 million in assets, shows Donald Trump with a 53% chance of winning, compared to Harris’ 46%. Harris had been leading Trump for a time in August as enthusiasm for her campaign increased.

Another Polymarket poll, with $77,000 in assets, predicted Trump would win and nominate Elon Musk to his cabinet. These odds rose to 18% on Sep. 5, up from 12% a day earlier. The poll will be deemed accurate if Trump wins and appoints Musk to lead one of the 15 executive departments or a cabinet-level role.

Trump Musk — Odds of Trump nominating Elon Musk to cabinet jump | Source: Polymarket

According to the poll’s creators, advisory roles will not count as cabinet-level appointments.

These odds jumped after the Wall Street Journal reported that Trump was considering Musk to lead a government efficiency commission. This commission would review the federal government to identify waste, reduce fraud, and prevent improper payments.

Elon Musk has become a vocal supporter of Trump and has donated to his campaign. While the two billionaires differ on some policies, they have aligned on key issues like regulation and immigration.

Musk has been open to serving in some capacity in government. What is unclear, however, is whether he will agree to step aside from his many ventures like SpaceX, Tesla, and X that are regulated by the federal government.

Trump and Musk-themed tokens mixed

Donald Trump and Elon Musk-themed tokens were mixed after the WSJ report. Elon (ELON), a token valued at over $2.7 million, rose by 9.4% while MAGA Hat (MAGA) rose by 2.3%. MAGA (TRUMP), the biggest Trump-themed token, has dropped by over 17.5% in the last seven days.

In the stock market, Tesla shares jumped by over 4.8%, continuing its recent recovery that has pushed its market cap to over $733 billion. Trump Media & Technology stock was little changed and has retreated by over 36% in the last month.

Bitcoin (BTC) and other cryptocurrencies were also muted after the report. BTC was stuck below $57,000 while Ethereum (ETH) dropped below $2,400. Trump is seen as a more favorable candidate for the industry.

However, historically, cryptocurrencies have done regardless of who was in the White House. Bitcoin jumped to a record high of $1,166 under Barrack Obama, $35,000 under Trump, and $73,800 under Biden.

Kamala Harris leads in most polls

It is still unclear whether Donald Trump will win the election, especially because of independent voters.

Recent mainstream polls have sent mixed signals. Harris leads Trump by six points in an Outward Intelligence poll. She also leads him by four points in an Emerson College poll and by two points an a YouGov one.

Harris is also leading in fundraising, raising $300 million in August, compared to Trump’s $130 million. This funding suggests she still has momentum with two months left before the election.

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brazil

Crypto Town Square X Is Reportedly Now Banned in Brazil Following Judge’s Ruling

Published

3 weeks ago

September 1, 2024

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For cryptocurrencies, the decision cuts Brazilian users off from a platform that has for years served as the industry’s town square. Crypto-supporter Jack Dorsey, who co-founded X when it was called Twitter, has supported two alternative platforms: Nostr and Bluesky, though he’s distanced himself from the latter.

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Dogecoin

Elon Musk wants to bring Dogecoin back to Tesla online store

Published

3 weeks ago

August 31, 2024

admin

Dogecoin, which Tesla CEO Elon Musk called his “fav cryptocurrency” back in 2019, could be making a comeback as a payment option on the electric vehicle maker’s website.

Recall January 2022, when Tesla began accepting the meme token as a payment option for certain merchandise (i.e., apparel and accessories) in its online store.

At some point, Dogecoin (DOGE) mysteriously disappeared as a payment option, prompting fans to inquire on X.com about possibly bringing it back.

Musk, who owns X.com and a majority of Tesla stock, is interested.

“Me,” Musk wrote in reply to an X user who asked whether anyone would like Tesla to “reinstate the option of”bring back the Dogecoin payment option” for merchandise. See below.

Currently, the Tesla store only accepts credit cards as a payment. It’s not clear when or why Dogecoin stopped being a payment option. The Austin, Texas-based company never broadly accepted Dogecoin for car payments, and there wasn’t a formal announcement about “removing” it as a payment option.

Musk the environmentalist?

Tesla’s crypto-as-a-payment policy is especially confusing, considering — in 2021 — Musk posted that the company intends to “use [Bitcoin] for transactions as soon as mining transitions to more sustainable energy.”

See below.

Cryptocurrencies like Bitcoin and Dogecoin require significant amounts of electricity to process transactions and ensure their respective networks remain secure.

Environmentalists and investors pointed out how the carbon footprint associated with cryptocurrency transactions was seemingly at odds with Tesla’s clean energy initiatives.

It’s also worth noting that Musk is a staunch supporter of former President and current Republican nominee Donald Trump, who pledges to roll back clean energy initiatives if re-elected.

Legal drama

Musk’s affirmation for Dogecoin came less than 24 hours after U.S. District Judge Alvin Hellerstein dismissed a federal lawsuit that accused the Tesla chief of defrauding investors through insider trading and market manipulation of Dogecoin.

The suit alleged that Musk misused his position as the world’s richest man to inflate the price of Dogecoin over “36,000%” and then let its price crash, leading to losses for investors.

The plaintiffs argued that Musk’s actions could be justified as a “Dogecoin Pyramid Scheme,” where he promoted the cryptocurrency to profit from the volatility he allegedly created.

The price of DOGE once reached an all-time high of $0.73 but has yet to reach those price levels again.

Hellerstein said any statements made about Dogecoin are “aspirational and puffery, not factual” and that “no reasonable investor could rely upon them” for making investment decisions.

The judge also found that the facts did not support the plaintiffs’ allegations of a “pump and dump” scheme, market manipulation, and insider trading, underlining that it was “not possible to understand the allegations that form the basis” of these claims.

Whether the Dogecoin lawsuit dismissal bodes well for Tesla fans to once again use the dog-themed coin as a payment option when buying, say, a Cybertruck t-shirt, remains to be seen.

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