Wednesday, September 6, 2023

Elon Musk Revealed To Be ‘Quietly’ Funding Crypto Rival To Bitcoin

From Forbes, September 3/4:

09/04 update below. This post was originally published on September 03

Elon Musk, the Tesla TSLA -5.1% billionaire who embarked on a mission to transform Twitter into the X "everything app" last year, has been eyeing a major "PayPal update" that could cause bitcoin and crypto price chaos.

The bitcoin price rally this year has stalled in recent weeks—though crypto traders are braced for a "crazy" September—dragging down crypto prices and Elon Musk's "fav" bitcoin rival dogecoin, a meme-based fork of bitcoin created as a "joke."

Now, Musk has been revealed to have been "quietly" funding dogecoin development—even as the dogecoin price has collapsed 90% from its all-time high, crashing along with bitcoin and other cryptocurrencies.

Before buying Twitter last year for an eye-watering $44 billion, Musk considered creating "a new social-media platform based on the blockchain" that "could have a payment system using dogecoin, the semi-serious cryptocurrency whose development he had been quietly funding," Musk biographer Walter Isaacson wrote in an excerpt of his new book, titled simply Elon Musk, published in the Wall Street Journal.

The level of Musk's funding or investment in dogecoin isn't clear but he has previously said he wants to "upgrade" dogecoin to "beat bitcoin hands down" and "become the currency of Earth."


But what about on Mars?