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 development.
Musk’s Love For Dogecoin Runs Deep
Musk’s biography, authored by Walter Isaacson, comprises sure necessary elements 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 cost system utilizing Dogecoin.
Musk thought it was an important concept and even despatched his brother an concept for “a blockchain social system that does each funds and brief messages like Twitter.” Contemplating that it is going to be decentralized, Musk acknowledged that it’ll assure free speech (one thing which Musk has repeatedly advocated for). The opposite choice that Musk talked about as a substitute of this concept was to buy Twitter, which he eventually did.
Nevertheless, contemplating that the preliminary concept was to create a decentralized social system with Dogecoin being an integral a part of the cost system, it received’t be shocking to see Musk incorporate the meme coin into the payment system he intends to construct on the X (previously Twitter) platform.
Musk is understood to submit 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 emblem. In February, he posted a tweet of this pet canine with the caption, “The brand new CEO of Twitter..”
Based on the e-book, FTX’s CEO Sam Bankman-Fried (SBF) was in assist of Musk buying Twitter as he believed that Twitter may very well 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 concept as SBF had “set off his bullshit meter.”
The world’s richest man thought-about the concept of utilizing blockchain expertise as a assist system for Twitter. Nevertheless, evidently Musk’s love for Dogecoin didn’t translate to him being an enormous fan of blockchain expertise. Isaacson acknowledged that “regardless of the enjoyable he had with Dogecoin and different cryptocurrencies, he was not a blockchain acolyte and he felt it could 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 development. A web page within the e-book revealed that Musk had been funding the cryptocurrency, with Isaacson labeling Dogecoin “the semi-serious cryptocurrency whose growth he [Musk] had been quietly funding.”
As such, it received’t be shocking to see Musk work in direction of making certain that the meme token attains new heights, with a distinguished member of the Dogecoin group positing that Elon Musk will make the token “the official foreign money of X and earth sooner or later.”
Whereas this may occasionally appear farfetched to many, Musk is already taking steps that would place Dogecoin on the worldwide stage. His X platform recently acquired licenses to supply cost companies in a number of states within the US. This transfer may undoubtedly type a part of Musk’s plans to create a cost 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, based on data from CoinMarketCap.
Featured picture from Fox Enterprise, chart from Tradingview.com
