The much-anticipated biography of the world’s richest man, Elon Musk, recently dropped. As expected, it contains some interesting tales of Musk’s involvement with the meme coin Dogecoin and how he has contributed to its growth.
Musk’s Love For Dogecoin Runs Deep
Musk’s biography, authored by Walter Isaacson, contains certain important parts that highlight how much the world’s richest man is invested in the token. In one part, Isaacson writes that Musk’s brother discussed the possibility of creating a blockchain-based social media platform that would include a payment system using Dogecoin.
Musk thought it was a great idea and even sent his brother an idea for “a blockchain social system that does both payments and short messages like Twitter.” Considering that it will be decentralized, Musk stated that it will guarantee free speech (something which Musk has continuously advocated for). The other option that Musk mentioned instead of this idea was to buy Twitter, which he eventually did.
However, considering that the initial idea was to create a decentralized social system with Dogecoin being an integral part of the payment system, it won’t be surprising to see Musk incorporate the meme coin into the payment system he intends to build on the X (formerly Twitter) platform.
Musk is known to post cryptic memes about Dogecoin usually. Still, his wittiness towards the meme token doesn’t stop there, as he went as far as purchasing a Shiba Inu dog named Floki, which happens to be Dogecoin’s logo. In February, he posted a tweet of this pet dog with the caption, “The new CEO of Twitter..”
According to the book, FTX’s CEO Sam Bankman-Fried (SBF) was in support of Musk acquiring Twitter as he believed that Twitter could be rebuilt on the blockchain and was “eager” to be part of the deal. Last year, Musk confirmed that SBF wanted to finance his Twitter takeover, but he wasn’t so inclined to the idea as SBF had “set off his bullshit meter.”
The world’s richest man considered the idea of using blockchain technology as a support system for Twitter. However, it seems that Musk’s love for Dogecoin didn’t translate to him being a huge fan of blockchain technology. Isaacson stated that “despite the fun he had with Dogecoin and other cryptocurrencies, he was not a blockchain acolyte and he felt it would be too sluggish to support fast-paced Twitter postings.”
DOGE price still trading sideways at $0.06 | Source: DOGEUSD on Tradingview.com
DOGE Is An Investment
Beyond his fondness for the meme token, Musk is reportedly invested in Dogecoin’s development. A page in the book revealed that Musk had been funding the cryptocurrency, with Isaacson labeling Dogecoin “the semi-serious cryptocurrency whose development he [Musk] had been quietly funding.”
As such, it won’t be surprising to see Musk work towards ensuring that the meme token attains new heights, with a prominent member of the Dogecoin community positing that Elon Musk will make the token “the official currency of X and earth in the future.”
While this may seem farfetched to many, Musk is already taking steps that could place Dogecoin on the global stage. His X platform recently acquired licenses to offer payment services in multiple states in the US. This move could undoubtedly form part of Musk’s plans to create a payment system where users make payments in DOGE.
DOGE is currently trading at around $0.06145, up by 0.50% in the last twenty-four hours, according to data from CoinMarketCap.
Featured image from Fox Business, chart from Tradingview.com