The Donald’s pro-crypto election win is also credited with helping drive Bitcoin to a staggering all-time high of $93,480 dollars on Wednesday, from just $5,000 in value when Trump first took power.
Insiders say Donald Trump has been “giving candy” to friends and family who supported him including departmental positions.
The Tesla CEO and SpaceX billionaire, who also owns X and is known as the Dogefather among other things, holds the dog themed meme coin DOGE which was started as a way to make fun of Bitcoin by software engineers Billy Markus and Jackson Palmer in 2013.Doge coin became a phenomenon in 2021, with Musk and other prominent figures and celebrities endorsing the cryptocurrency. The meme coin became so popular that its market value rose to $45 billion in 2021.
Meanwhile, experts now say Bitcoin, which now has a market cap greater than silver, Mark Zuckerberg’s Meta, Exxon Mobile, Mastercard, CocaCola and even Warren Buffett's Berkshire Hathaway, is going full steam ahead with investors’ appetite for the risk-on asset improving. “While enthusiasm for Bitcoin’s long-term potential remained strong, some cautioned against its inherent volatility, urging careful risk management in the face of possible market corrections.
It soared in value after he was appointed head of a newly-created US state department with the same acronym, increasing 24.6 percent on Tuesday to nearly $0.44 and by about 10 per cent on Wednesday to over $0.42, surpassing the $0.40 mark for the first time since hitting a high of $0.44 on June 3, 2021.
The Tesla mogul will head up Department of Government Efficiency with Vivek Ramaswamy, to ‘dismantle bureaucracy and slash regulations’But will Trump and Musk’s new department be all bark and no bite?
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