Bitcoin Hits $70,000 but DOGECOIN Takes the Lead

Bitcoin (BTC) surged on Monday, reaching a three-month peak at $70,000 mark and within about 5% of its all-time high of $73,500 from March. 

Source: Brave New Coin Bitcoin Liquid Index

Dogecoin (DOGE) skyrocketed 10% after a shoutout during a Donald Trump campaign event. Elon Musk, who has aligned with Trump’s campaign, suggested creating the “Department of Government Efficiency,” conveniently abbreviated as D.O.G.E., aiming to reduce U.S. government spending. Musk later fueled the meme-fueled hype with a tweet featuring himself in a DOGE-themed avatar.

Source: X

Elon keeps injecting the DOGE meme into the US electoral conversation. Republican presidential candidate Donald Trump announced that if he wins the upcoming election on 5 November, he will establish a department of government efficiency commission led by billionaire Elon Musk, a prominent supporter. Trump outlined this plan during a comprehensive speech on his economic vision for the country.

According to sources familiar with the discussions, Trump has been exploring the idea of a government efficiency commission with his advisors for several weeks. However, his address at the New York Economic Club early this month marked the first time he publicly backed the concept.

It was also the first time Trump revealed that Musk had agreed to lead the initiative. While Trump did not provide specific details about the commission’s operation, he stated that its mission would be to develop a plan to eliminate “fraud and improper payments” within six months of its formation.

“I will establish a government efficiency commission tasked with conducting a full financial and performance audit of the entire federal government, and proposing bold reforms,” Trump said. “Happy to serve,” said Musk on X in response.

Musk has since posted a number of memes that reference the Department of Government Efficiency.

Source: X

Analyst Bluntz suggests Doge is just getting started.

Source: X

Meanwhile, Polymarket bettors on blockchain-based predictions now estimate a 66% chance of a Trump election victory, up from 61% a week prior, fueling the crypto markets further.

Many analysts are optimistic about Bitcoin’s path forward, with VanEck’s head of research, Matthew Sigel, drawing parallels to BTC’s late 2020 bull run. “This setup is very bullish leading up to the election,” Sigel remarked on CNBC, noting that BTC surged 120% in the wake of the 2020 U.S. election. “We’re seeing similar low volatility now, with a potential for a high-volatility breakout if momentum continues.” The market is watching closely to see if BTC will repeat history with another post-election rally.

Another analyst from VanEck, a powerhouse in the investment world, has thrown down a bold gauntlet for Bitcoin’s future, predicting it could reach a staggering $3 million by 2050. The analyst said “We have a model that assumes by 2050 bitcoin is a reserve asset held by central banks. In that model we arrive at a $3 million price per Bitcoin.”