Musk Funded Dogecoin, Mulled Blockchain Social Media, Biogra

[liaibNox]

A biography of billionaire investor Elon Musk reveals details about his involvement in the Dogecoin project and an idea to launch a social media platform based on blockchain. The book, which should be available later this month, also mentions a failed attempt by former crypto mogul Sam Bankman-Fried to help Musk’s acquisition of Twitter.

Elon Musk Considered Creating Blockchain-Based Social Media Platform With Payments

Tech entrepreneur Elon Musk has been quietly funding the development of Dogecoin, according to a new biography of the owner of Spacex and Tesla which will be published on Sept. 12. The cryptocurrency, which started as a joke a decade ago, owes a great deal of its popularity to Musk who also established himself as a crypto influencer.

Elon Musk’s comments about dogecoin (DOGE) have been suspected of moving its market. In a class-action lawsuit involving the meme coin earlier this year, plaintiffs accused him of insider trading and inflating the price of the crypto. In late March, Musk sought to end the $258 billion suit, insisting that tweeting in support of dogecoin wasn’t unlawful.

The billionaire had dubbed himself “The Dogefather” in a tweet promoting a Saturday Night Live appearance in May 2021 while this year he changed Twitter’s blue bird logo to the Shiba Inu logo of Dogecoin. He bought the microblogging and social networking service for $44 billion last year and recently rebranded it to X.

In a post on X this Saturday, Chinese crypto journalist Colin Wu, also known by his handle Wu Blockchain, turned followers’ attention to an article in the Wall Street Journal published ahead of the upcoming release of the “Elon Musk” biography. In the piece, the author Walter Isaacson provides an excerpt from his work.

Wu Blockchain also highlighted that Musk considered launching a new social media platform based on blockchain that would incorporate payments. The idea came from his brother, Kimbal. According to the quoted text, Elon Musk pondered “half-jokingly” that the network’s payment system could be using dogecoin. In August, he said that X will “never” launch its own token.

A failed attempt by the discredited founder and ex-chief executive of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), to invest $5 billion to help acquire Twitter has been also described in the biography. In November 2022, soon after the collapse of the crypto trading platform, Musk stated that neither he nor Twitter had ever taken an investment from SBF or FTX. “Let’s just give him an adult timeout in the big house,” Musk tweeted in December, backing a call for Bankman-Fried to be jailed.



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My bitcoin-blog: https://sites.google.com/view/my-crypto-jam/ethereum
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[liaibNox]

Grayscale secured a landmark win against the U.S. Securities and Exchange Commission (SEC) last week in a court ruling that went past the Grayscale Bitcoin Trust (GBTC) conversion into an exchange-traded-fund (ETF), laying out unambiguous principles for regulators to evaluate spot ETF applications, broker Bernstein said in a report on Monday.

“The crypto ETF opportunity won’t stop at just bitcoin (BTC), but will extend into multiple crypto assets,” analysts led by Gautam Chhugani wrote.

The industry will get its first spot bitcoin ETF some time between mid-October and mid-March, and approval of all spot ETF applications, including Grayscale, will happen at the same time, the report said.

“The industry push for an ether (ETH) spot ETF follows immediately after, given ETH also has a similar market structure of a traded CME futures market and a spot market,” the analysts wrote.

The asset management industry is expected to push beyond bitcoin and ether into areas including other top blockchains, such as Solana and Polygon, and even leading decentralized finance (DeFi) assets, the note said. DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain, without traditional intermediaries.

This is a massive commercial opportunity for the asset management industry to generate healthy fees in a burgeoning asset class, the note added.

“The strong showing in the courts (Ripple and Grayscale in 2 months), improved ETF chances and the progressive institutional interest, are positioning crypto for an unprecedented capital led cycle, unlike the retail led crypto cycles of the past,” the report added.

CoinDesk’s parent company, Digital Currency Group, owns Grayscale.







Cryptocurrency exchanges review:

#1 OKX - 24h Volume: $ 1 097 255 972.
OKX is an Hong Kong-based company founded in 2017 by Star Xu. Not available to users in the United States.

#2 ByBit - 24h Volume: $953 436 658.
It is headquartered in Singapore and has offices in Hong Kong and Taiwan. Bybit works in over 200 countries across the globe with the exception of the US.

#3 Gate.io - 24h Volume: $ 643 886 488.
The company was founded in 2013. Headquartered in South Korea. Gate.io is not available in the United States.

#4 MEXC - 24h Volume: $ 543 633 048.
MEXC was founded in 2018 and gained popularity in its hometown of Singapore. US residents have access to the MEXC exchange.

#5 KuCoin - 24h Volume: $ 513 654 331.
KuCoin operated by the Hong Kong company. Kucoin is not licensed to operate in the US.

#6 Huobi - 24h Volume: $ 358 727 945.
Huobi Global was founded in 2013 in Beijing. Headquartered in Singapore. Citizens cannot use Huobi in the US.

#7 Bitfinix - 24h Volume: $ 77 428 432.
Bitfinex is located in Taipei, T'ai-pei, Taiwan. Bitfinex is not currently available to U.S. citizens or residents.


My bitcoin-blog: https://sites.google.com/view/my-crypto-jam/blackrock
Crypto Review: https://my-crypto-jam.blogspot.com/2023/09/reviews.html
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