Is Elon Musk Eying Toward Dogecoin to Make It Payment Option for X?

• 1 Tesla CEO, Elon Musk, has been trying to turn X (Twitter) into an “everything app”. 
• 2 Musk is keen on having a “PayPal update” for X. 
• 3 Musk has also been discreetly supporting Dogecoin and plans on using it for payments in his “everything” app. 

One of the major highlights of 2023 was the purchase of popular social media company Twitter. Multibillionaire, and CEO of Tesla and SpaceX like companies, Elon Musk bought the microblogging platform. Recently Musk was reported to have a plan to create a blockchain-based social media and an “everything” app. He preferred Dogecoin (DOGE) for payment methods over the platform. 

Forbes reported that Musk set out on a mission to turn Twitter into the “everything app” called X last year. The Tesla CEO has shown interest in a significant “PayPal update” that has the potential to create turmoil in the prices of Bitcoin and other cryptocurrencies.

The upward momentum of Bitcoin’s price this year has slowed down in recent weeks. However, cryptocurrency traders are anticipating an eventful September. This decline in Bitcoin’s price has also had a downward impact on Dogecoin, which Elon Musk has referred to as his favorite Bitcoin alternative. 

Dogecoin, originally created as a meme-based fork of Bitcoin as a playful gesture, has seen its value affected by these market dynamics.

It has recently come to light that Musk has been discreetly providing financial support for the development of Dogecoin. This support has continued despite Dogecoin’s price plummeting by 90% from its all-time high, which coincided with the declines seen in Bitcoin and other cryptocurrencies.

Before his acquisition of Twitter last year at a staggering $44 Billion, Musk contemplated the idea of establishing a fresh social media platform built on blockchain technology. 

According to an excerpt from the new book titled “Elon Musk” by his biographer Walter Isaacson, this platform could have featured a payment system utilizing Dogecoin, the semi-humorous cryptocurrency for which he had been providing quiet financial support.

The exact extent of Musk’s financial support or investment in Dogecoin remains unclear. However, he has previously expressed his ambition to “upgrade” Dogecoin with the goal of surpassing Bitcoin and becoming the predominant currency worldwide.

Many observers in the Bitcoin and cryptocurrency markets speculated that Musk’s intentions for X could potentially be a “game-changer” of significant proportions.

Dogecoin had surged into the top ten cryptocurrencies in 2021, driven by meme culture and influencer-driven enthusiasm. However, it experienced a decline in 2022, along with the Bitcoin price and other prominent cryptocurrencies. 

Nevertheless, Dogecoin managed to retain a portion of its previous gains, resulting in a combined Dogecoin network valuation of approximately $9 Billion.