This week in the world of cryptocurrency was nothing short of eventful. From Elon Musk‘s influence on Dogecoin to the fluctuating valuation of Jack Dorsey‘s tweet NFT, the crypto landscape was buzzing with activity.
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Meanwhile, Tesla’s unchanged Bitcoin position and Robert F. Kennedy Jr.’s proposal to back the dollar with Bitcoin added more fuel to the fire. Lastly, BlackRock CEO Larry Fink‘s revelation about the stunning demand for Bitcoin and Ethereum among gold investors rounded off the week.
Elon Musk’s Scooby-Doo Meme Boosts Dogecoin Value
Elon Musk, CEO of Tesla Inc. TSLA, once again demonstrated his influence over Dogecoin DOGE/USD with a single tweet. Musk’s Scooby-Doo meme tweet led to a rapid increase in Dogecoin’s value, raising its market capitalization by about $320 million in just 15 minutes. However, Musk’s influence over Dogecoin has also led to legal issues, with a group of investors filing a lawsuit alleging market manipulation. Read the full article here.
Black Swan Author Criticizes NFT Investments
Nassim Nicholas Taleb, author of “Black Swan,” criticized the investment in Non-Fungible Tokens (NFTs), calling it a sign of a “mental deficit.” Taleb’s critique comes at a time when the NFT market has seen a significant slump, with the average price of an NFT sale falling by 92% in just two months. Read the full article here.
Tesla’s Bitcoin Position Remains Unchanged
Despite Elon Musk‘s known fondness for cryptocurrencies, Tesla kept its Bitcoin position unchanged in Q2. The company’s CFO, Zachary Kirkhorn, stated that the company is open to increasing its Bitcoin holdings in the future. Read the full article here.
Robert F. Kennedy Jr. Proposes Bitcoin-Backed Dollar
Democratic Presidential hopeful Robert Kennedy Jr. detailed his plan for returning to a hard currency standard using Bitcoin in the United States. Kennedy proposed starting small, with perhaps 1% of issued T-bills backed by hard currency, including Bitcoin. Read the full article here.
BlackRock CEO Reveals Demand for Bitcoin, Ethereum
Larry Fink, CEO of BlackRock BLK, expressed optimism about the growing demand for cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD among gold investors. Fink noted the potential for exchange-traded funds (ETFs) to democratize access to both gold and crypto. Read the full article here.
You can read more on Benzinga’s cryptocurrency coverage by following this link.
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