Elon Musk Endorses Bitcoin and Dogecoin Amid Market Downturn
Elon Musk recently discussed Bitcoin and Dogecoin on X, emphasizing their energy-based frameworks compared to fiat currency. Musk stated that while fiat can be faked, energy cannot, aligning Bitcoin's value with physical power constraints.
- Musk responded to a viral thread about AI and monetary debasement, highlighting the energy base of Bitcoin.
- He also acknowledged Dogecoin's energy basis with a simple endorsement.
- Despite Musk's comments, DOGE's market reaction was minimal, trading lower at $0.19862.
- Bitcoin and Ethereum also declined, reflecting broader crypto market trends.
In related news, Representative Matt Gaetz speculated on DOGE becoming a significant utility token, following developments from the Dogecoin Foundation's House of Doge. Plans include:
- Listing House of Doge on Nasdaq via a merger with Brag House Holdings under ticker TBH.
- CleanCore Solutions, rebranded as ZONE, aims to hold up to 1 billion DOGE in the near term.
Historically, Musk's interactions with DOGE have led to temporary price spikes, but current market conditions and lack of new tangible developments keep DOGE's price steady.
