Bitcoin’s value has been plummeting recently. Meanwhile, in the background, Elon Musk has been funding a new potential rival to the king of cryptocurrencies. So, the Elon Musk Bitcoin rivalry may have begun.
Musk has been making a lot of moves recently. He has tried to completely change Twitter (now “X”) into an all-purpose app. However, recent moves in Tesla have also sent the stock tumbling down 5% over one day. On further plans, he has been looking at the crypto field. A new update for PayPal could shake up the price of Bitcoin and other cryptos, offering an opportunity.
The price for Bitcoin has failed to move over the last few weeks. This has lowered the price of other cryptos along with it, including Elon Musk’s favourite meme crypto coin, Dogecoin. We should note, however, that investors believe crypto coins will go up in value into September.
Elon Musk’s Future Endeavours Crypto
An Elon Musk crypto investment may be taking place. Musk has secretly been funding Dogecoin’s development in the background. The coin has not been doing so well recently, dropping as far down as 90%! This was from its highest price point not so long ago, and other cryptocurrencies have had a similar experience, though not as drastic.
He has been considering creating a social media platform using blockchain technology for a while. This was even before his takeover of Twitter. Therefore, some speculate that he may use the cryptocurrency for his new redesign of Twitter as “X”. To further support this theory, Twitter recently acquired a crypto license. He could fuse the crypto payment capabilities of Dogecoin onto this platform, furthering the Elon Musk crypto relationship.
So far, we do not know how much Musk has been investing in Dogecoin. However, according to his statements, it was clear that he wanted to improve the currency and even beat Bitcoin. We will have to see if an Elon Musk Bitcoin adversity arises.
