Elon Musk, the CEO of Tesla and SpaceX, has reaffirmed his support for the cryptocurrency Dogecoin.
Musk disclosed that he still holds a significant amount of Dogecoin, while SpaceX maintains a large Bitcoin portfolio.
This revelation comes amidst announcements that Musk's social media network, X, formerly known as Twitter, is poised to introduce peer-to-peer payments within the year.
Will Dogecoin be part of X?
This move could potentially boost Dogecoin's utility, as Musk has been actively transforming X into a versatile platform encompassing a wide range of functions, including financial transactions.
X's upcoming feature is expected to increase user engagement and open new avenues for commerce on the platform.
Although specific details about the peer-to-peer payment system's workings and launch date remain undisclosed, X Payments LLC, a subsidiary of X, has already secured money transmission licenses in 14 states.
This integration of financial services aligns with Musk's vision of making X an "everything app."
Concerns over Musk's influence
Musk's support for Dogecoin has been a driving force in the cryptocurrency's popularity, it has also raised concerns within the Dogecoin community.
Critics, like prominent community member Mishaboar, argue that Musk's influence might be skewing the narrative around Dogecoin, potentially leading to oversimplified solutions to complex issues.
In a recent X post, Mishaboar stressed the danger of the community blindly aligning with Musk's views, especially given his tendency to align with certain political factions and his influence over public opinion.
Mishaboar's critique extends to Musk's inner circle, arguing that a lack of dissenting voices could lead to an echo chamber effect, where challenging or complex viewpoints are sidelined.
Gamza Khanzadaev
Denys Serhiichuk
