Elon Musk's Dodge Department of Government Efficiency, named for meme-based bitcoin rival DodgeCoin, has sent shock waves through Washington as Musk has repeatedly warned of US "bankruptcy." .
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The price of DodgeCoin has risen along with the price of Bitcoin after Donald Trump's US presidential election, which Musk campaigned for, with traders betting on the Tesla billionaire and X owner to make Trump a crypto administration. I will help.
Now, as traders prepare for Musk to announce a crypto game changer, Musk has said that if his Dodge department is successful in combating inflation, it will invest in Bitcoin, DodgeCoin and other major cryptocurrencies. Can lower the value of cryptocurrencies.
"If dollar inflation is addressed, the dollar price to buy cryptocurrency will actually fall, other things being equal," Musk wrote to X, chief executive of startup incubator Y Combinator. In response to a post by "What matters is the ratio of crypto to the dollar," Musk added.
Tan had posted a video of Canadian Conservative Party leader Pierre Poilever explaining how he would reduce inflation in the country by reducing "overspending".
"My 2025 prediction was that if Elon's dodge succeeds, Dogecoin will go up, and here's why," Tan posted.
US debt has ballooned in recent years, reaching $34 trillion in early 2024, with Covid and lockdown stimulus measures contributing to massive government spending and helping to send inflation spiraling out of control in 2022. provided.
Inflation of more than 10% forced the Federal Reserve to raise interest rates at a historic clip, pushing up debt interest payments and fueling fears of a "death spiral."
Musk's campaign against excessive U.S. spending has led to the creation of the Dodge Department of Government Efficiency, which Musk has said he believes could shave $2 trillion from U.S. spending.
The Dodge Department Shiba Inno Dodge meme is also linked to the DodgeCoin cryptocurrency, which Elon Musk has named his "favorite" cryptocurrency and is accepted as payment by his Tesla car company. $1 billion on its balance sheet.