The cryptocurrency market, including Bitcoin, Ethereum, and XRP, is currently on high alert due to the impending issuance of an executive order by President Joe Biden. This development has raised concerns and increased volatility in the market.
Bitcoin’s price is currently trading at less than half of its all-time high, which was nearly $70,000 per Bitcoin, achieved in late 2021. This decline has had a ripple effect on other major cryptocurrencies, such as Ethereum and XRP, as well as meme-based coins like Dogecoin—coins that Tesla billionaire and Twitter owner Elon Musk has reportedly been quietly supporting.
Linda Yaccarino, the CEO of Twitter’s parent company, X, is scheduled to meet with seven banks that funded Elon Musk’s acquisition of Twitter and its subsequent rebranding to X. During these meetings, Yaccarino is expected to propose an expansion into the realm of digital payments. Recent leaks have suggested that Musk might transform X into an “updated version of PayPal.”
The discussions between Yaccarino and the banks, including Morgan Stanley, revolve around X’s need to diversify its revenue streams, particularly after experiencing an exodus of advertisers following Musk’s takeover. One banker emphasized the importance of attracting advertising dollars back to the platform.
Rumors and reports have been circulating for some time about Musk’s ambitions to turn X into a financial services company, reminiscent of his original vision for X.com, which he founded in 1999 and later merged with Confinity to become PayPal.
PayPal has been increasingly embracing cryptocurrencies, launching its own dollar-pegged stablecoin this year and offering support for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in late 2020. PayPal’s initial adoption of cryptocurrencies played a significant role in triggering the 2021 bull run that saw Bitcoin’s price soar to nearly $70,000.
Linda Yaccarino is set to meet with representatives from Bank of America, Barclays, MUFG, BNP Paribas, Mizuho, and Société Générale to discuss her plans for revitalizing the X platform. However, specific details of her proposals remain undisclosed.
In August, Musk vehemently denied rumors that X would be launching its own cryptocurrency to compete with Bitcoin, Ethereum, XRP, or Dogecoin. Instead, speculation has arisen that the platform might integrate existing cryptocurrencies.
Elon Musk himself has revealed that he personally holds Bitcoin, Ethereum, and Dogecoin, and his electric car company, Tesla, holds nearly $300 million worth of Bitcoin. Furthermore, Tesla accepts Dogecoin, the meme-based cryptocurrency, as a form of payment for its merchandise.
Before acquiring Twitter for a staggering $44 billion last year, Musk reportedly considered creating a new blockchain-based social media platform with a payment system utilizing Dogecoin—a cryptocurrency he had quietly supported. This revelation comes from a new book by Musk’s biographer, Walter Isaacson, titled “Elon Musk.”