Rise’n’Crypto Why Elon Musk wants to put government spending on a public blockchain
It was a placid weekend for Bitcoin and most of crypto until yesterday afternoon, when there was a sudden spike in volatility caused by the viral Chinese AI app DeepSeek. This impacted stock futures and, in a growing correlation, BTC, which fell 5% in 24 hours to below $100,000. Nevertheless, most prominent traders aren’t concerned. Then, outside of Bitcoin, one debate stole the conversation this weekend: a report that Elon Musk is looking at utilizing blockchain technology to track and reduce government spending in the US. Could this move for transparency and accountability be a step forward? Alongside this discussion was a conversation around Coinbase’s token listing practices, with the exchange’s CEO pointing out that over 1 million new tokens are created every week. However, Tron’s Justin Sun believes the problems run deeper at Coinbase.
Further reading:
- DeepSeek rout costs bulls $100K — 5 things to know in Bitcoin this week
- Why is the crypto market down today?
- Musk exploring blockchain use to curb US government spending: Report
- Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process
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