ChainTech Africa

June 7, 2025

Bitcoin’s march toward the elusive $100,000 mark has injected both excitement and anxiety into the cryptocurrency market, even as billions in digital assets are wiped out amid a widening public feud between Elon Musk and Donald Trump.

The world’s largest cryptocurrency surged past $96,500 on Friday, sparking speculation that a breakout beyond six figures could come within days. Analysts cite a mix of institutional interest, geopolitical tension, and anticipation around the upcoming Bitcoin ETF approval in Asia as key drivers of the rally.

However, the broader crypto market tells a more chaotic story. Altcoins across the board saw a sharp decline, with Ethereum dipping 6%, Solana down 11%, and meme-favorite Dogecoin plunging 18% in a matter of hours. According to CoinGlass, over $2.3 billion in leveraged positions were liquidated in the last 24 hours.

Musk vs. Trump: A Digital Powder Keg

The turmoil coincides with a heated public spat between Elon Musk and former President Donald Trump, whose exchange on X (formerly Twitter) has captivated the financial and political spheres.

Musk, who recently made headlines by integrating Dogecoin payments across Tesla and SpaceX platforms, accused Trump of “leveraging crypto ignorance to rile up boomers.” Trump fired back with a Truth Social post branding Musk “a glorified car salesman with a digital gambling addiction.”

The conflict escalated after Trump reiterated his anti-crypto stance during a campaign rally in Florida, labeling Bitcoin a “threat to the U.S. dollar” and vowing to “shut it down” if elected. Musk, in turn, posted a cryptic tweet reading “#BTC > #USD. Time to upgrade.”

Sources close to both camps suggest the feud may have deeper financial implications. Trump has reportedly aligned with several traditional Wall Street players who view decentralized finance as a regulatory risk, while Musk continues to be a vocal proponent of blockchain innovation.

Market Shaken, Investors Cautious

“Bitcoin nearing $100K is like approaching escape velocity,” said Maya Chang, chief analyst at Blockview Capital. “But the drama between Musk and Trump is adding political volatility to an already speculative market.”

Retail investors, who flooded into crypto during the pandemic-era bull run, are expressing renewed concerns. Social platforms like Reddit’s r/CryptoCurrency are awash with memes, panic posts, and calls for calm.

Meanwhile, regulatory bodies remain quiet. The SEC has yet to comment on the unfolding situation, but insiders suggest that both Musk’s influence and Trump’s anti-crypto rhetoric could play into upcoming hearings on digital asset legislation.

What’s Next?

As Bitcoin inches closer to the symbolic $100,000 level, all eyes are on whether the momentum can sustain itself amid growing political tension and widening market fractures.

“This could be a turning point—either a historic breakthrough or the beginning of another painful correction,” said Chang.

For now, one thing is clear: The collision of politics, personality, and crypto has never been more volatile—or more captivating.