After staying silent on Bitcoin for a while, Elon Musk has finally endorsed the leading cryptocurrency in the eyes of the public.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
2 mins read
Tesla CEO Elon Musk has issued a major validation line towards Bitcoin BTC $111 086 24h volatility: 3.0% Market cap: $2.21 T Vol. 24h: $76.07 B after Zero Hedge suggested that Artificial Intelligence (AI) is the new global arms race.
Musk’s praise of Bitcoin comes after a few years of being silent on the cryptocurrency. This is quite notable considering that the industry is recovering from a recent bloodbath triggered by the US-China trade war.
Zero Hedge made a post on X, spotlighting the rising gold, silver, and Bitcoin prices amid the “debasement trade.”
The outfit claimed that trade surplus would be directed towards funding the AI arms race. The analysis platform went further to state that the world is in an AI global arms race, with capital expenditure that will eventually be funded by governments such as the U.S. and China.
In addition, Elon Musk said, “You can’t print energy,” highlighting Bitcoin and praising its foundation in real energy.
“Bitcoin is based on energy: You can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy.”
https://twitter.com/elonmusk/status/1977986775994843641
Immediately, traders responded to Musk’s Bitcoin endorsement, and this led to a rebound in BTC price. However, the coin has still not fully recovered as it is still fluctuating significantly. Bitcoin is currently trading at $110,198.99 with a 4.14% dip within the last 24 hours.
Musk’s statement further emphasizes concerns about the US government printing money out of thin air.
He had previously insinuated that the government has “magic money computers,” and to this end, he consistently issues dire warnings over the spiralling $37 trillion US national debt.
It is worth noting that Elon Musk has given much of his attention to Dogecoin DOGE $0.20 24h volatility: 4.9% Market cap: $29.69 B Vol. 24h: $4.76 B for the longest time, and this interest has helped the meme coin go up in value.
Around mid-September, the electric car manufacturer made a deal with the US government that caused DOGE to gain 4%. It had to do with his Grok AI securing US government approval.
Just before this time, he turned his attention to Tesla, and this imposed short-term bearish sentiment on Dogecoin markets.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
