Earlier today Dogecoin developer Markus tweeted on the recent tussle between Elon Musk and the US Government. The developer acknowledges that the U.S government, specifically U.S. Senator Elizabeth Warren, made a negative remark towards the Tesla CEO.
The Dogecoin developer is criticising the government after Elon Musk said that he would settle taxes with about $11B. He further argues that the oppositions weren’t necessary since Elon will pay the highest tax than anyone in America’s history.
Elon and the Government Backlash
In November 2021, Tesla’s CEO took to Twitter and asked his followers if he should sell his holdings. He also said that he would follow the voting outcome. Regardless of the polling response, Elon still had to clear a $15B tax bill.
Musk was able to receive a stock option award in 2012 as his settlement plan. Each Tesla share was around $6.24 for 22.8M shares.
By November 2021, the share price was more than $1,200, giving Elon gains worth $28B. Furthermore, the SpaceX chief applies for loans with his company’s shares as collateral.
Such a move is seen as a tax evasion mechanism by some American politicians. Senator Elizabeth Warren is among the leaders firing back at Elon’s tax settlement plan. The senator terms Musk as a freeloader who doesn’t comply with the nation’s tax requirements.
Shibetoshi’s tweet further touches on the $2.5T spending plan. According to him , printing $2.5 trillion could cause economical problems to the country.
Previous Arguments from Elon and Shibetoshi
The two influencers in the crypto space previously addressed the rising inflation rates in America. A tweet from Blockworks shows that the purchasing power of $100 is down by 91.3% since 1950. From the findings, Elon agrees that inflation is a regressive tax that receives support from those in government. His comments also suggest that the rising inflation could negatively affect citizens’ wealth.
Joining the conversation is Shibetoshi who says that the media isn’t showing the real impacts of inflation. Instead, the mainstream media is covering up the story terming inflation as a good approach. More crypto enthusiasts are suggesting the use of digital currencies in addressing the growing inflation rates.
Cryptocurrencies have a low overall supply in the market and follow a decentralized path. Having a limited supply makes digital assets more valuable over time and could counter the effects of inflation.
Therefore, cryptos remove the idea of producing large amounts of money which end up losing their purchasing power.