Could Elon Musk “Debase the Dollar” by Buying $100 Billion Worth of Bitcoin?
Tesla CEO Elon Musk, known for stirring up the market with bold moves and cryptic tweets, has the crypto world talking again. Compound founder Robert Leshner half-jokingly suggested that Musk could be just two weeks away from buying $100 billion in Bitcoin.
With Musk's influence and Tesla already holding some Bitcoin, this hilarious prediction has people wondering: Is Musk about to set a new standard for corporate cryptocurrency investing?
Musk's Criticism of US Deficit Fuels Bitcoin Speculation
Leshner’s comments that Musk could “sink” the US dollar by buying Bitcoin come after Musk criticized the recent House tax bill. The bill is expected to add trillions to the federal deficit over the next decade, and Musk has not been shy about criticizing what he sees as fiscal irresponsibility.
Leshner's joke imagines Musk making a big move — investing billions of dollars in Bitcoin to hedge against a weakening dollar and growing deficits.
What Does Buying $100 Billion Worth of Bitcoin Mean?
Bitcoin has a fixed supply of 21 million coins, with about 19.87 million coins in circulation. The $100 billion purchase would tighten supply on exchanges, potentially pushing prices higher as sellers demand more.
Beyond the price, Musk making such a move would boost widespread confidence, encouraging more investors and companies to get involved. Tesla could lead the way in bringing Bitcoin more mainstream.
Cryptocurrency Experts Weigh In On Musk’s Next Move
Big names in the cryptocurrency space have shared their thoughts. Blockstream CEO Adam Back said Bitcoin is a “perfect fit” for Musk but doubts Musk will significantly increase Tesla’s relatively small Bitcoin stake. Back called it a “smart investment move,” but Musk’s cautious approach has left people guessing.
Samson Mow joined X, urging Musk to “go all in” on Bitcoin as Tesla’s stock fell. He also suggested SpaceX offer discounts on launchpad payments in Bitcoin — underscoring how cryptocurrencies could play a bigger role in Musk’s businesses.
What's Next? The Crypto World Awaits
While Musk has not confirmed any plans to make a major Bitcoin purchase, Leshner’s bold joke has sparked much speculation. If Musk does indeed put $100 billion into Bitcoin, it could further shake confidence in the dollar, especially given concerns about the growing U.S. deficit.
Now, all eyes are on Musk to see if he will make a game-changing move in the cryptocurrency space.