Elon Musk, the TeslaTSLA +0.2% billionaire and owner of X, has played havoc with the price of bitcoin and other cryptocurrencies in recent years—recently confirming wild rumors of a plot to replace PayPalPYPL -0.3%.
The bitcoin price, after surging into the new year on the back of a BlackRock-led Wall Street crypto invasion, has stalled, with fears swirling the Federal Reserve could be about to trigger a crypto crash.
Now, after Elon Musk revealed his personal crypto holdings, his social media platform X has quietly received another money-transmitter license, adding to a clutch of state approvals as it looks to “revolutionize” payments in 2024. X, which Musk has said he wants to transform into a so-called “everything app,” was granted a money-transmitter license from Utah last week, the 15th U.S. state green light the company’s plans to offer payments.
Last week, Musk’s X reiterated its plans to compete with the likes of PayPal, VisaV -2.1%V -2.1% and even banks as it seeks “to revolutionize 2024 with groundbreaking products and services that will reshape how we connect, communicate, and transact.”
“We will launch peer-to-peer payments, unlocking more user utility and new opportunities for commerce, and showcasing the power of living more of your life in one place,” the blog post read.
Meanwhile, Musk has confirmed he still owns a lot of “joke” bitcoin rival dogecoin, a meme-based cryptocurrency Musk once said he wanted to make “the currency of Earth.”
“I still own a bunch of dogecoin, and SpaceX owns a bunch of bitcoin,” Musk said during an X Spaces broadcast, referring to his rocket company. Musk’s electric car company Tesla also holds just over 10,000 bitcoin worth almost $500 million.
The dogecoin price has crashed back since it hit an all-time high in 2021 but has held on to some of its huge gains, confounding it’s critics, and is still a top ten cryptocurrency with a market capitalization of $11.5 billion.
Last week, Musk’s X reiterated its plans to compete with the likes of PayPal, VisaV -2.1%V -2.1% and even banks as it seeks “to revolutionize 2024 with groundbreaking products and services that will reshape how we connect, communicate, and transact.”
“We will launch peer-to-peer payments, unlocking more user utility and new opportunities for commerce, and showcasing the power of living more of your life in one place,” the blog post read.
Meanwhile, Musk has confirmed he still owns a lot of “joke” bitcoin rival dogecoin, a meme-based cryptocurrency Musk once said he wanted to make “the currency of Earth.”
“I still own a bunch of dogecoin, and SpaceX owns a bunch of bitcoin,” Musk said during an X Spaces broadcast, referring to his rocket company. Musk’s electric car company Tesla also holds just over 10,000 bitcoin worth almost $500 million.
The dogecoin price has crashed back since it hit an all-time high in 2021 but has held on to some of its huge gains, confounding it’s critics, and is still a top ten cryptocurrency with a market capitalization of $11.5 billion.
