The billionaire Tesla CEO Elon Musk suggested that a collapse of the United States dollar is coming, while recognizing the merits of crypto.
During a July 28 interview, Musk said that while he particularly likes memecoins, he also appreciates Bitcoin (BTC) and potentially other cryptos. He said:
I do think there’s some merit in bitcoin, and maybe some other crypto. […] I’ve sort of got a soft spot for dogecoin because I like dogs and memes.
The comments also follow Musk’s recent dire warning on the status of the United States dollar. In a July 22 tweet, he simply asked “Where are we with dollar value destruction, you might ask?” alongside the meme above. In a separate tweet, he simply wrote:
America is going bankrupt btw
Cryptocurrencies suddenly found themselves front and center of public discourse in the United States. That is in big part due to the endorsement — and involvement — in the crypto space of Republican presidential candidate Donald J. Trump. While he seemingly shares much of Trump’s crypto-relevant opinions, in late May Musk shared that the two never discussed the subject:
Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do.
Elon Musk became a household name in crypto when in the past he announced that his automaker Tesla would accept Bitcoin payments. He later decided to retire Tesla from Bitcoin-related plans, purportedly due to pressures from environmental stock evaluators. Still, trump is still holding onto 25% of its $1.5 billion bitcoin investment after selling the rest in 2022.
Since then, Musk has been used as a popular identity to fake when attempting to promote cryptocurrency scams. As ReadWrite recently reported, a five-hour YouTube Live broadcast featuring a deepfake of Elon Musk promoted a cryptocurrency scam, continuing a trend of similar fraudulent streams.
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