Elon Musk is fully committed to building digital asset infrastructure, and combined with Trump's policy initiatives, altcoins are set to experience strong tailwinds.

Written by: Zhu Yu, Jinshi Data

After the news of Gary Gensler being nominated as SEC Chairman, Bitcoin's price broke through $100,000. Shoki Omori, Chief Japan Strategist at Mizuho Securities Tokyo, pointed out that if Bitcoin is to rise further from here, other cryptocurrencies should catch up first.

The cryptocurrency community is looking for positive news to drive a general increase in cryptocurrency prices.

Previously, the cryptocurrency market experienced a new wave of speculation due to Trump's appointment of Musk to lead the new government efficiency department (DOGE). The acronym DOGE was coined by Musk as a tribute to the mascot of the digital currency Dogecoin (DOGE), which he is also obsessed with.

Futurist and cryptocurrency investor Armando Pantoja said, "Musk is good at subtly hinting at his affection for Dogecoin," referring to Musk's support for the token, which was evident during his appearance on Saturday Night Live and his statements on social media.

However, Pantoja emphasized that the value of Dogecoin, like many cryptocurrencies, is driven by speculation rather than widespread utility. He stated, "Currently, there is no cryptocurrency on Earth that is widely used for anything other than speculation. People expect this situation to change dramatically, which is why these cryptocurrencies have such enormous potential."

Dogecoin has risen over 150% in the past month.

Pantoja predicts that retail investors will return to the cryptocurrency market. He said, "Retail investors have been absent from the crypto market for two years; they will open accounts and re-engage." He highlighted that well-known assets like Dogecoin and Shiba Inu could drive market trends. He noted that investors can anticipate Musk's actions, which often serve as market catalysts.

When asked about the growth potential of cryptocurrencies under a "crypto government," BlockFills digital asset trader John Divine emphasized Musk's focus on digital asset infrastructure.

He said, "It's only a matter of time before the X platform has digital asset wallet functionality," pointing to Musk's history from PayPal to Tesla and SpaceX.

Divine also discussed Trump's proposal to eliminate capital gains tax on altcoins in the U.S. "In the short term, this will bring a lot of trading volume to these markets." He noted that tokens like Algorand, Hedera, and Cardano could be beneficiaries. He called this move a "huge catalyst" for the altcoin market.

As Bitcoin stabilizes, Divine expects funds to flow into altcoins. He concluded, "The situation is clear—Musk is fully committed to building digital asset infrastructure. Combined with Trump's policy initiatives, altcoins will experience strong tailwinds."

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