Of the new biographies coming out this year, Elon Musk’s revealed his covert involvement with the world’s most unserious crypto, Dogecoin.
- Musk’s secret funding of Dogecoin development raises questions about the cryptocurrency’s future, especially as it faces heightened market volatility.
- An official confirmation of Musk’s funding could potentially reinvigorate DOGE’s price after a period of instability.
Walter Isaacson’s new biography has yet to come out and already it’s creating waves. Talk about influence.
Musk’s influence on cryptocurrency prices, especially Bitcoin and Dogecoin, has been evident in the past. As of time of writing, the value of Bitcoin stands at $25,801.40, and Dogecoin’s value stands at $0.0642.
The eccentric billionaire’s tweets and public endorsements have often led to significant price fluctuations. In 2021, for example, when Musk announced that Tesla would accept Dogecoin as payment, it sent the price of DOGE soaring. It went up by 20% to reach a valuation of $0.19 per coin. Only to later distance himself from the Dogecoin Foundation, creating uncertainty about his involvement.
As the crypto market experiences heightened volatility, the revelation of Musk’s secret funding for Dogecoin development has left many wondering about its implications. Dogecoin, like Bitcoin – the godfather of cryptocurrencies – has faced significant price fluctuations in recent months, with DOGE down about 90% from its all-time high in May 2021. Truth be told, an official confirmation of his funding could potentially revive DOGE’s price after a period of volatility.
Musk has also contemplated creating a blockchain-based social media platform, and that’s how his desire to transform Twitter into a financial powerhouse came to being. While the details are still unclear, the news has generated excitement within the crypto community. Musk’s previous interactions with Dogecoin fan accounts and the addition of the Dogecoin symbol to his Twitter account have sparked speculation about the potential integration of DOGE as a payment method on the platform.
The book, though, seemingly confirms the postulation.
According to The Washington Post, “his brother Kimbal told [Elon] over lunch the next day that it would be better to start a new social-media platform based on the blockchain. Musk was intrigued and got into giddy mode. Perhaps, [Elon] said half-jokingly, it could have a payment system using Dogecoin, the semi-serious cryptocurrency whose development he had been quietly funding. After lunch, he sent Kimbal a few texts fleshing out the idea for “a blockchain social media system that does both payments and short text messages like Twitter.””
Walter Isaacson’s new biography, “Elon Musk,” will be published on Sept. 12 by Simon & Schuster and details his South African roots and how he took over Twitter (now X), among other aspects of his personal life.
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