The much-anticipated biography of the world’s richest man, Elon Musk, lately dropped. As anticipated, it comprises some attention-grabbing tales of Musk’s involvement with the meme coin Dogecoin and the way he has contributed to its progress.
Musk’s Love For Dogecoin Runs Deep
Musk’s biography, authored by Walter Isaacson, comprises sure necessary components that spotlight how a lot the world’s richest man is invested within the token. In a single half, Isaacson writes that Musk’s brother mentioned the opportunity of making a blockchain-based social media platform that would come with a fee system utilizing Dogecoin.
Musk thought it was an excellent thought and even despatched his brother an thought for “a blockchain social system that does each funds and brief messages like Twitter.” Contemplating that it is going to be decentralized, Musk said that it’s going to assure free speech (one thing which Musk has constantly advocated for). The opposite possibility that Musk talked about as a substitute of this concept was to purchase Twitter, which he ultimately did.
Nonetheless, contemplating that the preliminary thought was to create a decentralized social system with Dogecoin being an integral a part of the fee system, it gained’t be stunning to see Musk incorporate the meme coin into the fee system he intends to construct on the X (previously Twitter) platform.
Musk is thought to publish cryptic memes about Dogecoin often. Nonetheless, his wittiness in direction of the meme token doesn’t cease there, as he went so far as buying a Shiba Inu canine named Floki, which occurs to be Dogecoin’s brand. In February, he posted a tweet of this pet canine with the caption, “The brand new CEO of Twitter..”
In response to the guide, FTX’s CEO Sam Bankman-Fried (SBF) was in assist of Musk buying Twitter as he believed that Twitter might be rebuilt on the blockchain and was “keen” to be a part of the deal. Final yr, Musk confirmed that SBF needed to finance his Twitter takeover, however he wasn’t so inclined to the thought as SBF had “set off his bullshit meter.”
The world’s richest man thought-about the thought of utilizing blockchain expertise as a assist system for Twitter. Nonetheless, evidently Musk’s love for Dogecoin didn’t translate to him being an enormous fan of blockchain expertise. Isaacson said that “regardless of the enjoyable he had with Dogecoin and different cryptocurrencies, he was not a blockchain acolyte and he felt it will be too sluggish to assist fast-paced Twitter postings.”
DOGE value nonetheless buying and selling sideways at $0.06 | Supply: DOGEUSD on Tradingview.com
DOGE Is An Funding
Past his fondness for the meme token, Musk is reportedly invested in Dogecoin’s improvement. A web page within the guide revealed that Musk had been funding the cryptocurrency, with Isaacson labeling Dogecoin “the semi-serious cryptocurrency whose improvement he [Musk] had been quietly funding.”
As such, it gained’t be stunning to see Musk work in direction of making certain that the meme token attains new heights, with a distinguished member of the Dogecoin neighborhood positing that Elon Musk will make the token “the official foreign money of X and earth sooner or later.”
Whereas this will likely appear farfetched to many, Musk is already taking steps that would place Dogecoin on the worldwide stage. His X platform lately acquired licenses to supply fee providers in a number of states within the US. This transfer may undoubtedly type a part of Musk’s plans to create a fee system the place customers make funds in DOGE.
DOGE is at the moment buying and selling at round $0.06145, up by 0.50% within the final twenty-four hours, in accordance with information from CoinMarketCap.
Featured picture from Fox Enterprise, chart from Tradingview.com