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Elon Musk has predicted that the price of cryptocurrencies, such as Bitcoin and Dogecoin, could decrease if dollar inflation is addressed. The Tesla and Space X CEO shared his thoughts on how cryptocurrencies would benefit if inflation and government overspending were curbed.

Musk's comment came in response to a post by Garry Tan, the CEO of Y Combinator, who predicted that the price of Dogecoin would increase if Musk's upcoming Department of Government Efficiency, or DOGE, achieves its goal of reducing government spending.

According to a report by Yahoofinance, Musk's comments follow reports that the tech titan is planning to introduce a new Bitcoin and cryptocurrency feature called "X Money" on X.

A leak reported by influencer Alex Finn and MacRumors contributing researcher Aaron Perris suggests that "X Money" could launch without needing approval from all 50 states.

Musk has been a known enthusiast of the DOGE meme coin, and the acronym for his upcoming government department is named after the dog-themed cryptocurrency.

Meanwhile, the price of Bitcoin soared past $75,000 on the same day that Republican Party candidate Donald Trump won the US presidential election. The cryptocurrency went on to cross the $100,000 mark in the following days.

CoinMarketCap, a website that tracks the price of cryptocurrency assets, showed that the top cryptocurrency had risen by more than 5.24 percent, trading at $80,945.35 at 7:31 p.m. (GMT+1) on Sunday, November 10.

In May 2024, the Trump campaign announced that supporters could now donate in cryptocurrency, including bitcoin, ether, and dogecoin, among other options, suggesting that cryptocurrency would play a significant role in the election.

According to a report by Financial Times, the former US president recently began endorsing World Liberty Financial, a cryptocurrency company founded by his old business associates and others.

Legit.ng earlier reported that the Securities and Exchange Commission (SEC) has released a list of cryptocurrency companies authorized to operate in Nigeria.

The approval comes as part of the SEC's efforts to regulate digital assets, according to a statement released by the commission.

Two digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited, have been granted approval in principle to begin operations under the SEC's Accelerated Regulatory Incubation Program (ARIP).