elon musk

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

Published

4 months 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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Bitcoin

Baby Doge Coin surges over 75% following Elon Musk tweet

Published

2 weeks ago

December 7, 2024

admin

Baby Doge Coin surged over 75% after Elon Musk posted a black-and-white Godfather-inspired tweet.

While Bitcoin (BTC) has shown volatility recently following its push to a new all-time high of $103,900, Baby Doge Coin (BABYDOGE) has outpaced the market conditions.

The price of BABYDOGE has pumped from a 24-hour low of $0.0000000002443 to as high as $0.0000000004448 following Musk’s tweet.

Musk has shown his influence in the crypto market before. Recall how his previous tweets about Dogecoin (DOGE) triggered a price pump and, eventually, a lawsuit.

The Tesla founder tweeted a photo of himself and his son along with the words “Dogefather” and “Dogeson” stylized like the logo of the 1972 film “The Godfather.” As a reply to the tweet, he mentioned “Doge & Minidoge”.

Following the tweet, the price of DOGE jumped over 4%, and BABYDOGE rose by over 75%.

The official X account of BABYDOGE also replied to the tweet, “You mean babydoge?”

On Dec 5, the Baby Doge team tweeted that “in the crypto world, the only thing more unpredictable than BabyDoge’s next move is what Elon Musk will post next.”

On the development side, the meme coin team has been working on launching their meme token launch platform called puppy.fun.

BABYDOGE also recently renounced their token contract on Solana (SOL). The meme coin, which was initially launched on the BNB Chain, has now also expanded to the Solana network. In late November, Binance had also announced a new spot listing for BABYDOGE.

The recent surge of BABYDOGE amidst the volatile market conditions could primarily be attributed to Musk’s tweet alongside the overall developments by their team.

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Dogecoin

Elon Musk Tweet of Joe Rogan Profile Sends DOGE Price Higher

Published

1 month ago

November 24, 2024

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Some crypto enthusiasts speculate that the service, once live, might include transactions with some digital assets such as DOGE, given Musk’s long-standing affection for the token. Musk’s electric car company, Tesla, already accepts DOGE payments for some merchandise purchases in its online store.

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Bitcoin

Crypto product record major inflow up to $2.2 billion

Published

1 month ago

November 19, 2024

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CoinShares, a digital asset manager, reported that last week crypto products saw a major inflow from institutional investors of up to $2.2 billion.

The latest U.S. Election, on Nov. 5, still stimulated the weekly cryptocurrency inflow up to $2.2 billion. The number increased 15% from the previous week by about $1.98 billion.

According to CoinShares’s release, on Nov. 18, digital asset inflows recorded $33.5 billion year-to-date and hit a new peak of under-asset management (AUM) up to $138 billion.

Bitcoin (BTC) saw the largest inflow based on assets last week of around $1.48 billion or equal to 67%. Followed by Ethereum (ETH) and Solana (SOL) with inflows $646 million and $23.9 million respectively.

The Beam Chain network upgrade proposal by Justin Drake has increased Ethereum’s inflow from $157 million. Only multi-asset and Binance Coin (BNB) record a week’s outflow.

BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded the highest surge in crypto product from last week’s inflow up to 63% or up to $2.1 billion. While the rest of the funding recorded an outflow ranging from $8 million to $153 million, including Grayscale and Fidelity.

Crypto product driving factor: U.S. Election

James Butterfill, CoinShares head of research, says a combination of looser monetary policy and a Republican winning a majority of the Congress and Presidency appears to be a driving factor of these inflows.

Donald Trump winning the White House’s second term still brings a positive rally for the cryptocurrency industry, as well as the crypto product. Buterfill has mentioned that Trump’s presidency would bring crypto-friendly regulations and fiscal policy.

Earlier, Trump picked several names for secretary on his cabinet who identified as pro-crypto personalities including Elon Musk, Tom Emmer, and Robert F. Kennedy Jr.

Bitcoin Act, who were proposed by Republican Senator Cynthia Lummis, and the Bitcoin Strategic Reserve also boosts the crypto investor’s confidence. He also mentioned this favorable outlook may bring the best potential of Bitcoin in the future.

“The next four years may witness an unprecedented level of institutional support, increased government interest, and broader public adoption, setting the stage for Bitcoin to further solidify its place in the global financial landscape,” Buterfill mentioned in the other report.

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