U.Today – A recent tweet from Elon Musk has attracted significant attention from the (BTC) and (DOGE) communities. In their signature style, Tesla (NASDAQ:) and SpaceX CEO Elon Musk posted a tweet about X that sparked speculation and interpretation among their followers.
The tweet, which offered insight into the workings of the Federal Reserve, 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 Fed's ability to create money to the rule of the Monopoly game that allows the bank to never fail, implying that, like the game, the Fed can always print more money. This metaphor emphasizes concerns about the Federal Reserve's quantitative easing (QE) program and its impact on inflation and currency value.
In the wake of Musk's X post, cryptocurrency communities like Bitcoin, XRP, and Dogecoin responded in various ways, offering their perspectives.
In response to Musk's post, financial analyst Michaël van de Poppe advocates for Bitcoin, silver and gold, and predicts that QE could 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 solves this,” they said. This belief arises from the idea that Bitcoin is sound money due to its supply limit and predictable issuance schedule.
Some members of the Dogecoin community responded, including co-founder Billy Markus, also known as “Shibetoshi Nakamoto” on
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XRP influencer “XRP crypto wolf” said: “Save yourself with XRP and crypto.”
This article was originally published on U.Today.
