Elon Musk, the CEO of Tesla and SpaceX, has reaffirmed his support for the Dogecoin cryptocurrency.
Elon Musk, the CEO of Tesla and SpaceX, has reaffirmed his support for the Dogecoin cryptocurrency.
Musk revealed that he still owns a significant amount of Dogecoin, while SpaceX maintains a large Bitcoin portfolio.
This revelation comes amid announcements that Musk’s social network X, formerly known as Twitter, is set to introduce peer-to-peer payments within this year.
Will Dogecoin be part of X?
This move could potentially increase Dogecoin’s utility, as Musk has been actively transforming X into a versatile platform that encompasses a wide range of functions, including financial transactions.
The upcoming X feature is expected to increase user engagement and open new avenues for commerce on the platform.
Although specific details about how the peer-to-peer payment system will operate and the launch date remain undisclosed, X Payments LLC, a subsidiary of X, has already obtained money transmission licenses in 14 states.
This integration of financial services aligns with Musk’s vision of making X an “app for everything.”
Concerns about Musk’s influence
Musk’s support for Dogecoin has been a driving force in the popularity of the cryptocurrency and has also raised concerns within the Dogecoin community.
Critics, such as prominent community member Mishaboar, argue that Musk’s influence could be distorting the narrative around Dogecoin, which could lead to oversimplified solutions to complex problems.
In a recent post on
Mishaboar’s criticism extends to Musk’s inner circle, arguing that the lack of dissenting voices could lead to an echo chamber effect, where challenging or complex points of view are sidelined.
