Elon Musk Has Quietly Primed Crypto For An ‘Absolute Game-Changer’ That Could Cause Chaos For The Price Of Bitcoin, Ethereum, XRP And Dogecoin
BitcoinBTC and ethereum, the two largest cryptocurrencies by market capitalization, have been thrust back into the limelight by first Ripple’s XRPXRP and now dogecoin following a shock Wall Street crypto flip.
The bitcoin price has slipped back, along with the ethereum price, as traders piled into XRP in the aftermath of its partial legal victory over the U.S. Securities and Exchange Commission (SEC). Meanwhile, Tesla billionaire Elon Musk’s rebranding of Twitter to X, part of a plan to make it into an all-singing, all-dancing super app, has rekindled hopes he’ll somehow incorporate dogecoin, once again pumping the dogecoin price.
Now, Musk has quietly added the dogecoin Ð symbol to his X account amid a flurry of interactions with dogecoin fan accounts—with bitcoin and crypto market watchers predicting Musk’s plans for X could be an “absolute game-changer.”
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“If we consider Musk’s vision for creating an everything app, it would be an absolute game-changer to incorporate cryptocurrency payments as part of that ecosystem,” Raluca Cherciu, the co-founder and CEO of Unpaired, an online community exploring how emerging technologies can foster real-world connection, told Coindesk.
“This not only resonates with the hugely active crypto community on Twitter, but also echoes Musk’s well-known fascination with the cryptosphere.”
Musk’s rebranding of Twitter to X, ostensibly part of a plan to turn the app into a one-stop shop powerhouse, has puzzled both users of the platform and business analysts who have questioned the wisdom of ditching such a globally recognized brand for a generic one-letter name.
Musk first bought X.com, which now redirects to Twitter.com, for his online bank startup in 1999 before merging it with Peter Thiel and Max Levchin’s Confitinity and rebranding to PayPal.
The Twitter rebranding to X “does have implications for crypto in the short-term as it moves markets, and in the long-term as Musk looks to build out payment networks using his own platform that could soon compete with the likes of ethereum, bitcoin or others,” Simon Peters, market analyst at eToro, said in emailed comments.
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“Watchers won’t have missed the news either that bitcoin payments have seemingly been quietly dropped from Tesla, despite dogecoin remaining. While the market reads the tea leaves of Musk’s choices, its better for investors not to become distracted by short-term events and focus on the longer and wider trends.”
Others have said they expect Musk to make X a broader platform for bitcoin, ethereum and other cryptocurrencies like stablecoins and XRP.
“I suspect that he’ll incorporate other crypto assets such as bitcoin, ethereum along with stablecoins like USDCUSDC, but doge is such a part of Elon’s online presence that he would almost have to include a doge function were he to launch a crypto payments system on Twitter,” Brian Evans, the chief executive of blockchain investor BDE Ventures, told Coindesk.
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