Elon Musk, the Tesla billionaire who has said he’d be backing bitcoin over the U.S. dollar, has withdrawn from bitcoin and crypto posting since helping to whip up the 2021 bull market.
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The bitcoin price, which crashed back from its 2021 highs before bouncing back following U.S. president Donald Trump’s election victory last year, has this week hit a fresh all-time high above $124,000 per bitcoin—lifting the combined crypto market to over $4.2 trillion as ethereum and other major cryptocurrencies soar (super-charged by Trump dropping a $12.2 trillion bombshell).
Now, as traders pile into crypto in anticipation of a September earthquake, Elon Musk has reposted an image of himself holding up a dog that inspired the dogecoin meme-based cryptocurrency.
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Tesla billionaire Elon Musk has reaffirmed support for the bitcoin and ethereum rival cryptocurrency dogecoin amid a huge bitcoin price boom.
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“No highs, no lows, only doge,” an anonymous X account associated with the dogecoin wallet MyDoge and regularly reposted by Musk wrote alongside the image.
The dogecoin price has more than doubled over the last year, despite Elon Musk keeping his support for it at arm’s length, climbing along with the bitcoin price and wider crypto market.
Musk’s support of dogecoin, which began all the way back in 2019, peaked during Covid lockdowns, with Musk promising to put a “literal dogecoin on the literal moon” and upgrading it to make it the “currency of Earth.”
However, those plans and promises have largely gone unfulfilled, even as Musk continues to occasionally voice is support for dogecoin and teases the launch of X Money, a payments feature on the platform formerly known as Twitter that Musk is trying to turn into an “everything app” similar to China’s WeChat.
Musk’s campaign support for Donald Trump that saw the Tesla billionaire heavily criticize what he sees as excessive U.S. spending, resulted in the creation of the Doge Department Of Government Efficiency—with Musk saying in February he wants to put the U.S. Treasury on a blockchain, the technology that underpins bitcoin and other cryptocurrencies.
The Doge department is a nod to the shiba inu doge meme that’s also linked to the dogecoin cryptocurrency, named by Musk as his “favorite” cryptocurrency and accepted as payment by his Tesla car company, though Tesla continues to hold around 10,000 bitcoin worth $1.4 billion on its balance sheet.
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The dogecoin price has surged toward its all-time highs this year, climbing alongside bitcoin, ethereum and other major cryptocurrencies.
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Last month, Musk’s confirmation that his planned political party will support bitcoin helped push the bitcoin price higher. Musk replied to an X user who asked: “Will America Party embrace bitcoin?”
“Fiat is hopeless, so yes,” Musk wrote, sending the bitcoin price higher, and referring to government-backed currencies known as fiat, rather than asset-backed currencies, which the dollar was before it abandoned the gold standard.
Earlier, X users were captivated by unconfirmed claims that Musk had “liked” a post suggesting he’s “quietly stacking” bitcoin as he railed against the growing U.S. debt pile.