Bijie.com reports:
Billionaire Elon Musk has broken his long silence on Bitcoin, stating that he believes Bitcoin has “some value” and implying that other cryptocurrencies are also performing well. He pointed out that the US dollar is heading towards “destruction,” and the ever-rising $35 trillion debt could potentially lead to the bankruptcy of the United States.
According to Forbes, after the sharp drop in Bitcoin prices in 2022, Musk, as the CEO of Tesla, mostly avoided commenting on Bitcoin and cryptocurrencies. However, with Wall Street’s adoption and the change in stance by Republican presidential candidate Donald Trump, the price of Bitcoin has rebounded and once again challenged $70,000.
In an interview broadcasted on YouTube, Musk stated, “I do think Bitcoin has its merits, and perhaps some other cryptocurrencies are also good. I have a particular fondness for Dogecoin because I like dogs and memes.”
Musk increased Tesla’s balance sheet by $1.5 billion worth of Bitcoin in 2021, driving up the price of Bitcoin and leading to the rise of Dogecoin and the broader cryptocurrency market.
However, he later withdrew Tesla’s plan to accept Bitcoin as payment and sold most of Tesla’s Bitcoin holdings, barely achieving a profitable quarter in 2022, which caused the price of Bitcoin to plummet.
Tesla’s balance sheet still holds nearly 10,000 Bitcoins, worth nearly $650 million.
Meanwhile, Musk has been hinting at a series of upgrades to his Twitter platform, now renamed X, which some Bitcoin and cryptocurrency traders believe could change the market.
In March of this year, Musk posted a picture on Twitter linking Twitter to his previous payment company (now PayPal), saying “the loop is complete.”
According to reports from US media earlier in July, Musk warned that the US dollar is heading towards “destruction,” and the ever-rising $35 trillion debt could potentially lead to the bankruptcy of the United States. Some analysts believe this could push up the price of Bitcoin.
“You may ask, to what extent is the US dollar being devalued?” Musk posted a picture on Twitter implying that the United States is on the brink of hyperinflation.
“By the way, the United States is bankrupt,” Musk added in response to a co-founder of Dogecoin, emphasizing the soaring cost of US debt interest.