Bitcoin and crypto prices have surged higher, climbing despite fears of “price suppression” and a stark JPMorgan warning.
Unlock over $3,000 in NFT, web3 and crypto perks — Apply now!
The bitcoin price has surged toward $100,000 per bitcoin, bouncing back after falling to just over $90,000—something some fear could herald a serious stock market warning.
Now, after Elon Musk was pitched a bitcoin “fix” to questions over the U.S. gold reserves, Musk has confirmed U.S. president Donald Trump supports the idea of sending Doge department of government efficiency dividend checks to U.S. taxpayers—potentially boosting the bitcoin price.
Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run
President Donald Trump has told Elon Musk he supports the idea of issuing a so-called doge dividend … [+]
“I talked to the president and he is supportive of [the idea],” Musk, who is leading the Doge department of government efficiency, told the Conservative Political Action Conference (CPAC).
“It sounds like that is something we are going to do,” Musk added. Earlier this week, Trump said he’s considering “a new concept where we give 20% of the Doge savings to American citizens and 20% goes to paying down debt.”
Musk, who set the costing-cutting Doge loose on the U.S. federal government after Trump moved back into the White House, seized on the idea of sending a Doge dividend check to U.S. taxpayers after it was floated by on X by investor James Fishback.
“President Trump and Elon Musk should announce a ‘Doge dividend’—a tax refund check sent to every taxpayer, funded exclusively with a portion of the total savings delivered by Doge,” Fishback posted alongside a document outlining his plan for households to receive $5,000 each if Doge achieved its ambitious aim of cutting $2 trillion from government spending.
“If you bought bitcoin with your $1,200 stimulus check on April 15, 2020, it would be worth approximately $17,315 today, February 20, 2025,” YouTuber Ryan Matta posted to X. “This reflects a roughly 1,343% increase. What will you do with you first $5,000 Doge check?”
In 2020 and 2021, government stimulus checks flooded the economy with cash, sending U.S. debt spiraling and helping to send inflation to multi-decade highs as people used checks to pump the price of bitcoin and other cryptocurrencies which rocketed to all-time highs.
However, doge checks—or a doge dividend—might not have a similar effect on the bitcoin price and crypto market as stimulus checks did in 2020.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has resumed its rally, climbing back toward $100,000 per bitcoin as Elon Musk and … [+]
“The market isn’t in the same place that it was last time the government handed out stimmy checks,” Mati Greenspan, the chief executive of market advisory company Quantum Economics.
“Pre-hyperinflation everyone was flush and the additional cash came in as extra disposable income, so people made the logical decision to buy bitcoin with it to protect against the oncoming inflation. 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.”
Greenspan did predict that some people would use Doge checks to buy bitcoin or other cryptocurrencies, but, due to the influx of institutional money the bitcoin and crypto market has seen over the last couple of years, it would have less of an impact.
“Some will use it to invest or even gamble, no doubt, but it’s likely not near enough to move prices in an industry that is increasingly dominated by large institutional flows,” Greenspan said, adding he’d opt to put a Doge dividend into dogecoin–the bitcoin rival that lent its name to Musk’s cost-cutting department.
“Personally, if Doge hands me a check I’ll be using it to buy dogecoin. The only memecoin that has managed to occupy the U.S. government and affect positive change.”
