Elon Musk says dollar’s demise and crypto has its merits

The billionaire Tesla CEO Elon Musk suggested that a collapse of the United States dollar is coming, while recognizing the merits of crypto.

During a July 28 interview, Musk said that while he particularly likes memecoins, he also appreciates Bitcoin (BTC) and potentially other cryptos. He said:

I do think there’s some merit in bitcoin, and maybe some other crypto. […] I’ve sort of got a soft spot for dogecoin because I like dogs and memes.

The comments also follow Musk’s recent dire warning on the status of the United States dollar. In a July 22 tweet, he simply asked “Where are we with dollar value destruction, you might ask?” alongside the meme above. In a separate tweet, he simply wrote:

America is going bankrupt btw

Crypto in US public discourse

Cryptocurrencies suddenly found themselves front and center of public discourse in the United States. That is in big part due to the endorsement — and involvement — in the crypto space of Republican presidential candidate Donald J. Trump. While he seemingly shares much of Trump’s crypto-relevant opinions, in late May Musk shared that the two never discussed the subject:

Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do.

Elon Musk became a household name in crypto when in the past he announced that his automaker Tesla would accept Bitcoin payments. He later decided to retire Tesla from Bitcoin-related plans, purportedly due to pressures from environmental stock evaluators. Still, trump is still holding onto 25% of its $1.5 billion bitcoin investment after selling the rest in 2022.

Since then, Musk has been used as a popular identity to fake when attempting to promote cryptocurrency scams. As ReadWrite recently reported, a five-hour YouTube Live broadcast featuring a deepfake of Elon Musk promoted a cryptocurrency scam, continuing a trend of similar fraudulent streams.

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