The week was a whirlwind of cryptocurrency news, with big names like Elon Musk and Vice President Kamala Harris making headlines.
From Musk’s profile picture causing a meme coin surge to Harris’ team seeking crypto advice from Mark Cuban, the crypto world was buzzing with activity. Here’s a quick recap of the top stories.
Musk’s Meme Coin Magic
A simple change in profile picture by the Tesla CEO led to a massive surge in the value of Dark Maga (CRYPTO: DMAGA), a politics-themed meme coin. The coin, featuring Donald Trump with laser eyes, saw a 4,300% increase in value within 24 hours of Musk’s profile picture change.
Harris’ Crypto Consultation
Vice President Harris’ advisors have reportedly been in discussions with billionaire and crypto enthusiast, Mark Cuban. This suggests a potential shift in the Democratic Party’s perspective on digital assets, especially as Harris’ presidential campaign is underway.
Lummis’ Bitcoin Battle
Senator Cynthia Lummis (R-Wyo.) criticized the Joe Biden administration’s proposal to impose a 30% tax on Bitcoin (CRYPTO: BTC) mining operations, calling it a “blatant attack” on innovation and American excellence. She outlined the potential adverse effects of such a tax in an “orange paper.”
Harris’ Bitcoin Conference Snub
Vice President Harris will not be attending the upcoming Bitcoin 2024 conference, according to David Bailey, CEO of BTC Inc. This decision has sparked controversy within the cryptocurrency community, highlighting the complex relationship between the current administration and the digital asset industry.
Schiff’s Bitcoin Blast
Economist Peter Schiff criticized Bitcoin investors’ expectations from Trump, of the cryptocurrency being designated as a strategic reserve asset, likening it to political vote-buying tactics. He equated this to President Biden’s promise to forgive student loans to win votes.
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This story was generated using Benzinga Neuro and edited by Ananya Gairola
Image via Shutterstock
