Elon Musk, a billionaire and technological visionary, is known for his interest in Dogecoin. His support for this cryptocurrency led to a spectacular rise in its value in 2021. However, recent reports suggest that Musk’s involvement in this alternative currency is deeper than we might have assumed.
Undoubtedly, Elon Musk is a figure that impacts the world of technology, and his comments often influence financial markets. Dogecoin, initially not taken very seriously, became a real phenomenon, partly thanks to Musk’s support on platform X (formerly Twitter).
Recently, the “Wall Street Journal” revealed that Elon Musk had a much larger impact on the development of Dogecoin than everyone assumed. This information came from a leak from the upcoming biography of the billionaire. It can be read there about how Elon Musk thought of creating a social platform where users would pay for the verification of their account. This vision evolved until Kimbal Musk, Elon’s brother, came up with the idea for such a platform to be built.
Interestingly, Elon responded enthusiastically to the idea of a platform that would allow users to send money and pay creators for content such as stories, music, or movies. Moreover, Musk mentioned that such a platform could use Dogecoin as a payment system. From the context, it is clear that Elon Musk not only actively supported the development of this cryptocurrency but also financed it.
While the leak suggests that Musk wanted to create a “blockchain-based social media system that handles both payments and short text messages,” he eventually decided to purchase Twitter for a staggering 44 billion dollars. He later renamed it “X”, getting closer to the original vision of the platform.
After purchasing X, Musk gradually made changes in line with his vision. The revenue-sharing system introduced a few months ago allowed creators to earn from their posts. Moreover, X obtained licenses to offer payments in many states, leading to speculation about supporting payments in Dogecoin.
Elon Musk’s biography, written by Walter Isaacson, is set to be released on September 12. It is likely to shed light on Musk’s path to success and his potential collaboration with FTX founder, Sam Bankman-Fried.
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