Bitcoin – as well as other major cryptocurrencies Ethereum, XRP
XRP
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The price of bitcoin has risen about 350% since falling to a recent low of $15,000 per bitcoin, bringing the market for Ethereum, XRP, dogecoin and broader crypto back to 2 .5 trillion dollars as the market prepares for another earthquake.
Now, after Tesla billionaire Elon Musk made a dramatic return to the crypto frontline last month, an executive from Musk’s social media company X revealed the “end goal” of payments of the platform that could wreak havoc on the price of bitcoin and the broader crypto market.
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Tesla billionaire Elon Musk made a dramatic return to the crypto frontline last month, teasing … [+]
“The end goal is that if you are ever incentivized to withdraw money from our system, then we have failed, you should never need to withdraw money because you should be able to do whatever you need need on our platform”, job in response to speculation the company’s money transfer licenses will allow it to facilitate US dollar and cryptocurrency payments on the platform.
“Think about Venmo at first,” Stanley added. “Then, as things scale, you can generate interest, buy products, and eventually use that to buy things in-store (think Apple Pay).”
X, the micro-blogging site formerly known as Twitter that Musk bought in 2022 and which is trying to become an “all-done application” similar to the Chinese company WeChat, has now acquired money transfer licenses in 25 American states.
Last month, Musk discussed the possibility of buying Tesla cars with his favorite Bitcoin rival, dogecoin, declaring “dogecoin to the moon.”
Since Musk purchased Twitter and renamed it same way.
PayPal
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Dogecoin price has fallen back from its 2021 high, but remains well above its previous level. … [+]
PayPal, of which Musk was part of an influential group of founders, has leaned into bitcoin and crypto in recent years, launching its own dollar-pegged stablecoin cryptocurrency after rolling out support for bitcoin, ethereum, litecoin, and bitcoin cash in late 2020. initial bitcoin and crypto support helped launch the 2021 bitcoin price rally that catapulted bitcoin to nearly $70,000.
In October, a leak of an “all-hands-on-deck” virtual meeting at X revealed Musk’s plans to grow X’s financial services arm, with prominent voices in the Bitcoin and crypto space calling the plan something that could spur a “critical mass” of crypto adoption.
“If it’s money. It’ll be on our platform. Money or securities or whatever,” Musk said at the time.
Musk, who has previously said he wants to turn years as he teases crypto integration and adoption.
