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Bitcoin price soars to over $73,000 per Bitcoin amid speculation that Wall Street giant BlackRock is secretly aiming for a $90 trillion earthquake , Dogecoin, is boosting the cryptocurrency market.
Now, Elon Musk buys a Tesla car with Dogecoin, his favorite meme-based Bitcoin rival, while even Bitcoin-skeptical J.P. Morgan CEO Jamie Dimon is starting to warm up to Bitcoin. He teased the possibility that he would take Dogecoin to the moon, even though he had made his thoughts clear. I believe that last month is the “true currency”.
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“When will you be able to buy a Tesla with Dogecoin? I think it should be possible at some point,” Musk said in the paper. video Uploaded by X user @dogeofficialceo, answering questions from the audience about buying a car with dogecoin. “You can buy Tesla merchandise on doge, which is great. So let's go to the moon with dogecoin.”
Although Dogecoin's price has plummeted since reaching an all-time high in 2021, it has retained most of its huge gains, perplexing its critics, and remains a top 10 cryptocurrency with a market capitalization of $26 billion.
Musk went on to explain that his support for Dogecoin began when he toured a Tesla factory and was asked by workers to support Dogecoin.
“You know, Dogecoin is the people's cryptocurrency, and I support it,” Musk was quoted as saying, recounting a similar experience with his rocket company SpaceX. “Many wealthy people support Bitcoin, but if people [working in factories] Please support dogecoin, please do so. Dogecoin is yours. ”
Musk's comments caused Dogecoin's price to rise by about 10% in the past 24 hours. In 2021, Musk's regular posts about Bitcoin, Dogecoin, and other cryptocurrencies will cause significant price movements.
When Tesla announced it was adding Bitcoin to its balance sheet in early 2021, the price of Bitcoin rose sharply, sparking a wave of speculation that other companies would follow in Tesla's footsteps. It happened, but very few companies actually did it.
Tesla eventually sold most of its Bitcoin, but continues to hold about 10,000 Bitcoins worth about $700 million and accepts Dogecoin as a commodity. Musk also said SpaceX holds some Bitcoin, Ethereum and Dogecoin and supports some cryptocurrency transactions.
Meanwhile, speculation continues to swirl that Tesla may add support for Bitcoin and cryptocurrencies to its social media platform X. X has secretly obtained money transfer licenses across the United States and says it plans to “revolutionize” payments in 2024.
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A huge jump in crypto prices has seen the combined value of Bitcoin, Ethereum, XRP, Solana, Dogecoin and the crypto market soar to an all-time high of around $3 trillion last year, sparking a wave of bullish predictions. caused.
“We believe the crypto market is in the midst of unprecedented institutionalization,” Bernstein analysts Gautam Chughani and Mahika Sapura wrote in a memo reviewed by Bernstein. It is written in coin desk. “We expect the market capitalization of cryptocurrencies to reach $7.5 trillion by 2025, compared to the current $2.6 trillion.”
The price boom for Bitcoin, Ethereum, XRP, Solana, Dogecoin, and cryptocurrencies has been largely driven by the spot Bitcoin exchange-traded fund (ETF), which made its long-awaited Wall Street debut.
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