Elon Musk And X Could Be About To Decide The Fate Of Bitcoin, Ethereum, XRP And Crypto Amid Wild Price Swings
Bitcoin, ethereum, XRP, and other major cryptocurrencies are facing volatility as a result of a potential executive order from President Joe Biden. This has caused alarm bells to ring in the crypto market, prompting investors to seek guidance on navigating the upcoming rollercoaster ride. Forbes’ CryptoAsset & Blockchain Advisor aims to provide that guidance.
Currently, the bitcoin price is struggling to reach its all-time high of nearly $70,000 per bitcoin, which it achieved in late 2021. This slump is affecting other major cryptocurrencies like ethereum, XRP, and even the meme-based dogecoin, which Tesla billionaire Elon Musk has been quietly funding.
Linda Yaccarino, the CEO of X, is planning to meet with seven banks that financed Elon Musk’s takeover of Twitter and the subsequent rebranding to X. She intends to propose an expansion into the payments industry, similar to an updated version of PayPal. This move is necessary for X to regain the advertisers it lost after the takeover.
Rumors have circulated for months that Elon Musk plans to transform X into a finance company, reminiscent of his original plan for X.com, which eventually merged with Confinity to become PayPal. PayPal itself has shown interest in cryptocurrencies, launching its own dollar-pegged stablecoin and adding support for bitcoin, ethereum, litecoin, and bitcoin cash.
Musk’s involvement in the crypto market has had a mixed impact. While his support has fueled rallies for bitcoin, ethereum, and other cryptocurrencies, it has also contributed to their subsequent crashes. Despite this, Musk remains invested in bitcoin, ethereum, and dogecoin personally, while Tesla holds nearly $300 million worth of bitcoin and accepts dogecoin as payment for merchandise.
While there were speculations that X might launch its own cryptocurrency, Musk denied these claims and hinted at potential integration with existing cryptocurrencies instead. Musk’s vision for X includes a social media platform based on blockchain technology, with a possible payment system using dogecoin.
In conclusion, the crypto market is currently facing volatility due to a potential executive order from President Biden. Investors are advised to stay up-to-date with the latest developments through Forbes’ CryptoAsset & Blockchain Advisor. The meeting between Linda Yaccarino and the bankers is expected to shed light on X’s future plans. As the market moves forward, it will be interesting to see how bitcoin, ethereum, XRP, and other major cryptocurrencies respond to the challenges and opportunities ahead.
