BTC, XRP, DOGE Communities Abuzz Over Elon Musk’s X Message

A recent tweet by Elon Musk has garnered significant attention from the Bitcoin (BTC), XRP and Dogecoin (DOGE) communities. In his characteristic style, Tesla and SpaceX CEO Elon Musk made a tweet on X prompting speculation and interpretation among his followers.

The tweet, which offered a perspective on the workings of the Federal Reserve, has sparked a reaction from the crypto community. In a compelling tweet, Musk drew an analogy between the United States Federal Reserve and the popular board game Monopoly.

Musk compared the Federal Reserve’s ability to create money to the Monopoly game’s rule that allows the bank to never go bankrupt, implying that, like the game, the Fed can always print more money. This metaphor emphasizes concerns about the Fed’s quantitative easing (QE) program and its impact on inflation and currency value.

How the Federal Reserve works pic.twitter.com/3rRhbBfcJe

— Elon Musk (@elonmusk) May 11, 2024

In the aftermath of Musk’s X post, cryptocurrency communities like Bitcoin, XRP and Dogecoin responded in a variety of ways, offering their perspectives.

In response to Musk’s post, financial analyst Michaël van de Poppe advocates Bitcoin, silver and gold, predicting that QE might be reintroduced.

Some members of the Bitcoin community interpreted Musk’s post on how the Federal Reserve works as a recognition of the need for sound monetary policies and the potential benefits of a deflationary digital asset like Bitcoin. “Bitcoin fixes this,” they said. This belief stems from the idea that Bitcoin is sound money due to its supply cap and predictable issuance schedule.

Some Dogecoin community members replied, including co-founder Billy Markus, also known as “Shibetoshi Nakamoto” on X. Prominent Dogecoin community member “Sir Doge of the coin” also noted, “Dogecoin fixes this.”

XRP influencer “XRP crypto wolf” said, “Save yourself with XRP and crypto.”

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