Elon Musk is back in the news. First off, he’s rebranding Twitter to “X,” a simple name for what is undoubtedly becoming a very complicated social media platform given all the hype, hoopla, and controversy that has surrounded it since he bought it last year.
Elon Musk is Again Touting Dogecoin
Second, he’s once again playing with the idea of utilizing Dogecoin as an official payment tool for all users of Twitter turned X, and it appears his sentiment towards the altcoin hasn’t changed despite all the legal trouble it’s seemingly caused him as of late. The news caused Doge to experience another price boost and to help it garner more appeal amongst BTC fans.
In fact, Musk recently added the Dogecoin symbol to his “X” account. There are many analysts and traders out there who say Musk could truly change the situation for Doge and make it one of the most utilized and beloved forms of crypto out there.
Amon the individuals that feel this way is Raluca Cherciu, the co-founder and CEO of the online community Unpaired. In an interview, Raluca said:
If we consider Musk’s vision for creating an everything app, it would be an absolute gamechanger to incorporate cryptocurrency payments as part of that ecosystem. This not only resonates with the hugely active crypto community on Twitter, but also echoes Musk’s well-known fascination with the crypto sphere.
The changing of Twitter to X has given rise to heavy concern amongst users who feel that “X” is a very generic name for what has become such a followed and beloved social platform. Musk first bought X.com back in 1999 when he sought to create an online bank. That site now redirects to Twitter.
Simon Peters – an analyst at crypto exchange e-Toro – commented on the situation and said:
Watchers won’t have missed the news either that bitcoin payments have seemingly been quietly dropped from Tesla, despite Dogecoin remaining. While the market reads the tea leaves of Musk’s choices, it’s better for investors not to become distracted by short-term events and focus on the longer and wider trends.
But while the focus right now appears to be strictly Dogecoin, there are many traders that think the Twitter/X platform will eventually be spread evenly amongst Ethereum, Doge, and bitcoin, as well as stable currencies and altcoins like Ripple’s XRP.
A Major Crypto Haven?
Brian Evans – chief executive of blockchain investing company BDE Ventures – stated:
I suspect that he’ll incorporate other crypto assets such as bitcoin [and] Ethereum along with stablecoins like USDC, but Doge is such a part of Elon’s online presence that he would almost have to include a Doge function were he to launch a crypto payments system on Twitter.
In the past, Musk has referred to Doge as the “people’s crypto.”
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