Ethereum
X ‘End Goal’ Revealed After Elon Musk Teases Crypto Payments Bomb That Could Explode Prices of Bitcoin, Ethereum,
Bitcoin – as well as other major cryptocurrencies Ethereum, XRP
XRP
and dogecoin – have skyrocketed over the past year (and we could now be heading into a key week).
The price of bitcoin has risen about 350% since falling to a recent low of $15,000 per bitcoin, bringing Ethereum, XRP, dogecoin and the broader crypto market down to 2, 5 trillion dollars. as the market prepares for another earthquake.
NOW, after Tesla billionaire Elon Musk made a dramatic return to the crypto frontline last monthan executive at Musk’s social media company
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Tesla billionaire Elon Musk made a dramatic return to the crypto frontline last month, teasing… [+] the possibility of using bitcoin’s rival dogecoin to buy Tesla cars.
NurPhoto via Getty Images
“The end goal is that if you are ever incentivized to withdraw money from our system, then we have failed, you should never need to withdraw money because you should be able to do whatever you need need on our platform”, job in response to speculation the company’s money transfer licenses will allow it to facilitate US dollar and cryptocurrency payments on the platform.
“Think about Venmo at first,” Stanley added. “Then, as things scale, you can generate interest, buy products, and eventually use that to buy things in-store (think Apple Pay).”
X, the micro-blogging site formerly known as Twitter that Musk bought in 2022 and which is trying to become an “doing everything” similar to WeChat, based in China, has now acquired money transfer licenses in 25 US states.
Last month, Musk discussed the possibility of buying Tesla cars with his favorite Bitcoin rival, Dogecoin.—declaring “dogecoin to the moon”.
Since Musk purchased Twitter and renamed it same way.
PayPal
did so at the end of 2020.
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The price of dogecoin has fallen back from its 2021 peak but remains well above where it was before… [+] 2020, largely thanks to Elon Musk’s support for meme-based rival Bitcoin.
Forbes Digital Assets
PayPal, of which Musk was part of an influential group of founders, has leaned into bitcoin and crypto in recent years, launching its own dollar-pegged stablecoin cryptocurrency after rolling out support for bitcoin, ethereum, litecoin, and bitcoin cash in late 2020. initial bitcoin and crypto support helped launch the 2021 bitcoin price rally that catapulted bitcoin to nearly $70,000.
In October, a leaked virtual “all-hands” meeting at X revealed Musk’s plans to expand X’s financial services arm, with prominent voices in the Bitcoin and Crypto space calling the plan something that could spur a “critical mass” of crypto adoption..
“If it’s money. It’ll be on our platform. Money or securities or whatever,” Musk said at the time.
Musk, who has already stated that he wants to turn X into an “updated version” of PayPalhas contributed to the rise in the price of bitcoin and other major cryptocurrencies, including the meme-based dogecoin, in recent years as it teases crypto mainstreaming and adoption.