As questions swirl around whether Donald Trump could use bitcoin to "wipe out" U.S. debt, Musk has called U.S. debt growth

Dogecoin reportedly rose 145 per cent since Trump's election win. It outpaced Bitcoin's 30.5 per cent and Ethereum's 40 per cent gains in the past week.

Bitcoin surged above $81,000 for the first time as Tesla billionaire Elon Musk called on new US president-elect Donald Trump to use the cryptocurrency to address America’s “unsustainable” debt growth.

Elon Musk’s Tesla has achieved over $1 billion in valuation for its Bitcoin holdings. The vehicle production company, which had accumulated 11,509 BTC, has now achieved approximately double the valuation of its BTC holdings compared to the beginning of the year.

Teslas strategic bet on Bitcoin has hit a major milestone, with its holdings once again exceeding $1 billion, Arkham Intelligence reports. This valuation spike aligns with a resurgent crypto bull market,

The value of Telsa's Bitcoin holdings has more than doubled since the start of this year amid a heady resurgence in crypto.

Although Trump is generally expected to reduce government support for electric vehicles, such as tax credits, analysts say this could actually benefit Tesla, the market leader in the US, making it harder for rivals to catch up.

Trump has said he wants to ditch subsidies for electric vehicles, but that might actually help Tesla get bigger.