Trump’s friend Elon Musk is invested in cryptocurrency. Musk has lost money from his US$1.5 billion investment into Bitcoin when it slumped in 2022. He is an avid believer in Dogecoin and wanted to be able to go into McDonalds to buy a burger using digital currency.
According to Fortune online: “Musk has a long history of influencing the price of Dogecoin. In May 2021, following multiple endorsements from the billionaire including an SNL skit where he called himself “dogefather,” the coin's market cap reached an all-time high of $88 billion.”
Trump though has invested one million dollars in crypto from his US$4.5 billion wealth. He used to be sceptical with his negative attitude towards the market to a positive one, but he hasn’t really bought into it moneywise (CBS News). It is ironic that now he has decided to invest heavily into the market when he has only invested a minor amount of his fortune.
Experts are touting Bitcoin to reach over $100,000 by next year when Trump takes office, but even if it does, does that mean Bitcoin is a good investment? A good question.
According to one expert only institution buyers alone have created this latest hike, and not the public. He reckons that once they do there will be another hike.
The majority of Americans aren't confident in the safety and reliability of cryptocurrency. Cryptocurrency markets continue to face challenges. The currency’s value has dropped, lawsuits are mounting and Congress is mulling regulations. 63% of Americans don’t have confidence in cryptocurrencies, but not to worry: as usual the big guns will bully them into submission.
Satoshi Nakamoto is credited with inventing blockchain technology in 2008 which is behind Bitcoin which he also created. What is incredible is that no one knows who he is. Silent to avoid publicity and fame, but at the same time there could be other reasons for such an oddity.
In my humble opinion I believe this new speculation is an American dream scene because there is no real substance behind it apart from more hype.
Take care!
Prof. Carl Boniface
Check it out for yourself:
Vocabulary builder:
Touting (v) = advertising, hyping, flaunting, pushing, plugging, publicizing, peddling
Hike (n) = trek, ramble, climb
Reckons (v) = calculates, estimates, figures, thinks, considers, imagines
mulling (gerund verb) = think about (a fact, proposal, or request) deeply and at length.
"she began to mull over the various possibilities"
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