2023-9-5 02:00 |
Billionaire Elon Musk has never been shy about his love for Dogecoin. His continued support expressed through the X (formerly Twitter) platform was largely behind the meme coin’s impressive growth spurt back in 2021, causing it to surge over 26,000%. But it seems the billionaire’s involvement in the altcoin goes even deeper than expressing support on social media.
Leaked Pages Reveal Involvement In Dogecoin DevelopmentA recent report from the Wall Street Journal has revealed that Elon Musk was involved with Dogecoin on a much deeper level than the community realized. The WSJ report contained a picture of a page of the billionaire’s upcoming biography that talked about his behind-the-scenes involvement in the meme coin.
The page delves into Musk’s idea of wanting a social media platform where users would pay to be verified. This evolved over time to Musk’s brother Kimbal suggesting that a new social media platform be built with the ideas that the billionaire had put forward.
At this junction, Musk reportedly became excited at the idea of such a platform. According to him, the social media platform would carry the ability for users to send money to each other, as well as creators being paid for things like stories, music, and videos.
Musk then mentioned that “it could have a payment system using Dogecoin, the semi-serious cryptocurrency whose development he had been quietly funding.” This line from the book reveals that the billionaire had been involved with the coin behind the scenes, at a level much deeper than a couple of tweets or memes.
While the page also shows that the crypto-friendly billionaire had wanted to work on “a blockchain social media system that does both payments and short text messages like Twitter,” Musk had gone on to purchase Twitter for a staggering $44 billion. He has since rebranded the social media platform to X, which is in line with the original idea he had in mind.
Since purchasing X (formerly Twitter), Musk has slowly been turning it toward his original vision. X’s revenue sharing system implemented a few months ago has seen creators being paid for their impressions on the platform.
Furthermore, X has also received a license to offer payments in multiple states as rumors spread about payment support on the platform. However, there have been no indications on whether Dogecoin will be implemented as a method of payment on the platform.
The Elon Musk biography, written by Walter Isaacson, is slated to be released on September 12. It is expected to shed light on Musk’s journey so far such as a failed collaboration with FTX founder Sam Bankman-Fried.
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