Bitcoin (BTC) price surged following Elon Musk's new political moves and statements. Musk announced that the 'American Party' he founded would accept Bitcoin as an official currency, and with this statement, the Bitcoin price approached the $110,000 (approximately 152.9 million won) level.
Musk publicly revealed his intention to adopt Bitcoin as an alternative, arguing that the existing legal currency system is no longer effective. This is part of the economic policy of the new party he is pursuing after breaking away from the Republican Party, causing significant ripples in communities that have been focusing on the potential connection between the cryptocurrency market and political circles.
Dennis Porter, CEO of Satoshi Action Fund, evaluated this matter as a 'massive turning point for Bitcoin' through social media. While discussions about Bitcoin are intensifying in US political circles, there are analyses that we need to wait and see how Musk's role will ultimately lead to substantial policy changes.
Bitcoin is already strongly supported by some Republican congressmen, who are promoting institutional reforms to establish the US as the 'world cryptocurrency capital'. Musk purchased a large amount of Bitcoin through Tesla ($TSLA) in 2021 and remains among the top corporate holders. However, he previously excluded BTC from Tesla's payment methods due to environmental concerns, which created a precedent of eroding trust within the community.
Rumors are spreading that Musk is buying Bitcoin again, and there are suggestions that he has liked posts implicitly supporting this. His political movements and statements are once again bringing Bitcoin to the center of US political issues.
Meanwhile, the meme coin Doge, which Musk has long supported, also rose accordingly. According to CoinGecko, Doge increased by about 6% in a day, which is significantly higher than other major altcoins. This case is evaluated as another demonstration of how a specific individual's influence can still cause substantial volatility in the cryptocurrency market.
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