Bitcoin Surges Near $100,000 as Trump and Musk Consider $5,000 ‘Doge Dividend’ Checks

Bitcoin Nears $100K as Trump and Musk Back $5,000 'Doge Dividend' Proposal

  • Bitcoin surges toward $100,000, recovering from a recent dip to $90,000 despite market concerns.
  • Former President Trump and Elon Musk support potential $5,000 ‘Doge dividend’ checks for U.S. taxpayers.
  • The proposed dividend would come from savings generated by the Doge department of government efficiency.
  • Previous stimulus checks in 2020-2021 led to significant Bitcoin Price increases, with recipients seeing up to 1,343% returns.
  • Market analysts suggest new dividend checks may have less impact on crypto prices due to changed economic conditions.

Bitcoin and cryptocurrency markets demonstrate renewed strength as prices surge, even as JPMorgan issues cautionary statements and market participants express concerns about potential price manipulation. The leading cryptocurrency approaches the $100,000 milestone, marking a significant recovery from recent volatility.

- Advertisement -

Elon Musk confirmed at the Conservative Political Action Conference (CPAC) that Donald Trump supports implementing a novel “Doge dividend” program. The initiative, stemming from the Doge department of government efficiency’s cost-cutting measures, could distribute $5,000 to each U.S. taxpayer.

The proposal, initially suggested by investor James Fishback, aims to allocate 20% of government efficiency savings to citizens while directing another 20% toward debt reduction. This approach differs from traditional stimulus measures by funding payments through cost savings rather than new debt issuance.

Historical context reveals that previous government stimulus checks significantly influenced cryptocurrency markets. During the 2020 pandemic response, individuals who invested their $1,200 stimulus checks in Bitcoin would have seen their investment grow to approximately $17,315 by February 2024, representing a 1,343% return.

However, market experts express measured expectations about the potential impact of these new payments. Mati Greenspan, CEO of Quantum Economics, suggests: “Pre-hyperinflation everyone was flush and the additional cash came in as extra disposable income… These days many people are having trouble closing the month, and so any additional income will likely go towards paying the bills and buying groceries.”

The cryptocurrency market’s maturation, marked by increased institutional participation, suggests that retail-level investment might have less dramatic effects than in 2020. This structural shift reflects the evolving nature of digital asset markets, with institutional flows now playing a more dominant role in price discovery.

The proposed dividend program represents a novel approach to government efficiency rewards, potentially creating a unique dynamic between public policy and cryptocurrency markets. However, current economic conditions and market structure suggest its impact might differ significantly from previous government payment programs.

- Advertisement -

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Must Read

The 10 Best Crypto Podcasts You Can’t Miss

Table of ContentsBest Cryptocurrency Podcasts To Add To Your Playing List1. The Money Movement2. The Crypto Conversation3. The Pomp Podcast4. What Bitcoin Did5. The...