After Bitcoin's "runaway" run, Musk may bring strong tailwinds to altcoins
Written by: Zhu Yu, Jinshi Data
Bitcoin price surpassed $100,000 after Atkins was nominated as SEC chairman. Shoki Omori, chief Japan strategist at Mizuho Securities Tokyo, pointed out that if Bitcoin is to rise further from here, othercryptocurrencyShould catch up first.
cryptocurrencyCommunityLooking for positive newsXiaobai NavigationpromotecryptocurrencyPrices are generally rising.
The cryptocurrency market had been in a state of speculation after Trump appointed Musk to lead the new Department of Government Efficiency (DOGE). The acronym for the department was Musk’s idea, and he created it to pay tribute to the mascot of the digital currency Dogecoin (DOGE), which is also an object of his obsession.
“Musk is good at subtly hinting at his love for Dogecoin,” said Armando Pantoja, a futurist and cryptocurrency investor, referring to Musk’sToken, which was reflected in his appearance on Saturday Night Live and on social media.
However, Pantoja stressed that Dogecoin’s value, like many cryptocurrencies, is driven by hype rather than widespread utility. “There is no cryptocurrency on the planet that is currently being widely used for anything other than speculation,” he said. “People expect that to change dramatically, and that’s why these cryptocurrencies have so much potential.”
Dogecoin has gained more than 150% in the past month.
Pantoja predicts that retail investors will return to the cryptocurrency market. "Retail investors have been absent from the crypto market for two years, and they will open their accounts and will re-engage in it," he said. He highlighted well-known assets like Dogecoin and Shiba Inucoin as likely to drive market trends. He noted that investors can anticipate opportunities for Musk's actions, which often serve as catalysts for the market.
When asked about the growth potential of cryptocurrencies under the leadership of a "crypto government," John Divine, a digital asset over-the-counter trader at BlockFills, emphasized Musk's focus on digital asset infrastructure.
He said, “Platform X has digital assetswalletfunctionality is just a matter of time,” and pointed out Musk’s history from PayPal to Tesla and SpaceX.
Divine also discussed Trump’s proposal to eliminate capital gains taxes on altcoins in the U.S. “In the short term, this will bring a lot of volume to these markets,” he said, pointing to Algorand, Hedera, and Cardano.TokenHe called the move a “huge catalyst” for the altcoin market.
As Bitcoin stabilizes, Divine expects funds to flow into altcoins. He concluded: "The situation is clear - Musk is going all-in on building digital asset infrastructure. Combined with Trump's policy initiatives, altcoins will usher in a strong tailwind."
The article comes from the Internet:After Bitcoin's "runaway" run, Musk may bring strong tailwinds to altcoins
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