Elon Musk suddenly breaks silence on Bitcoin after issuing shocking warning about the “destruction” of the US dollar, which could trigger a boom in the price of cryptocurrencies

Elon Musk, the billionaire CEO of Tesla, has stayed away from commenting on bitcoin and cryptocurrencies following the 2022 bitcoin price crash (even as fellow billionaire Mark Cuban makes a “crazy” bitcoin price prediction).

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However, the price of bitcoin has risen again, surpassing the peak of late 2021 and rising over $70,000 per bitcoin as Wall Street embraces it It is Donald Trump’s Cryptocurrency Conversion Drives Bull Market.

Now, after Musk issued a shock warning about the future of the US dollarThe mercurial billionaire has broken his long silence on bitcoin, saying he sees “some merit” in it.

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Forbes’ ‘Absolute Game Changer’ – Congress Introduces Radical Bitcoin Bill as Trump Sets Price Tag for $100 Trillion Rise to Replace GoldBy Billy Bambrough

Tesla billionaire Elon Musk continues to be one of the main drivers of the bitcoin and cryptocurrency market, with his… [+] comments and posts often trigger large price swings.

Getty Images for The New York Times

“I think there’s some merit to bitcoin, and maybe some other cryptocurrency,” Musk said during a interview broadcast on YouTube. “I kind of have a thing for [the meme-based bitcoin rival] dogecoin because I like dogs and memes,” Musk added.

Musk helped the price of bitcoin surge in 2021, dragging dogecoin and the cryptocurrency market with him, when he added $1.5 billion worth of bitcoin to Tesla’s balance sheet.

However, he later sent bitcoin’s price tumbling when he initially reversed Tesla’s plans to accept bitcoin as payment and then sold most of Tesla’s bitcoin to achieve a profitable quarter in 2022.

Tesla still holds nearly 10,000 bitcoins, valued at nearly $650 million, on its balance sheet.

Meanwhile, Musk has been teasing a series of updates for his social media company X that some bitcoin and cryptocurrency traders think could transform the market.

“The circle will be complete,” Musk posted to X in March, along with an image that linked X to its former payments company, which became PayPal.

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ForbesLeak Reveals A “Big” Fed Quake Could Suddenly Destroy The Price Of Bitcoin, Ethereum, XRP, And CryptoBy Billy Bambrough

Bitcoin’s price has been rising again over the past year, even as Elon Musk has remained silent on bitcoin… [+] and crypto.

Forbes Digital Assets

In April, speaking at a Tesla factory, Elon Musk teased the possibility of buying Tesla cars with dogecoin, stating “dogecoin to the moon”, despite revealing what he believes is the “real coin” last month.

X, formally known as Twitter, has has quietly acquired money transmission licenses in the US over the past year, with Musk saying he plans to “revolutionize” payments by 2024.

In May, Musk denied reports that he “discussed cryptocurrencies” with former US President and 2024 Republican White House candidate Donald Trump.

“I’m pretty sure I’ve never discussed cryptocurrencies with Trump, even though I’m generally in favor of things that transfer power from the government to the people, which cryptocurrencies can do,” Musk he wrote in a post on X at the time.

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