TeslaTSLA billionaire and X owner Elon Musk has a habit of triggering wild swings in the price of bitcoin and other major cryptocurrencies (although Musk hurled a grenade into the crypto market earlier this month).
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Bitcoin price has fluctuated wildly in recent months as economic and regulatory pressures mount — although traders are now bracing for a $15.5 trillion earthquake on Wall Street in September.
Now, after a US Securities and Exchange Commission (SEC) insider warned Bitcoin and crypto buyers to beware of Binance, a leak suggests that Musk X (Twitter) switched to an “updated version of PayPalPYPL” could transform.
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Desperately trying to make the company formerly known as Twitter profitable, and possibly considering making it an “updated version of PayPal” – potentially wreaking havoc on Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana prices and Tron has.© 2023 Bloomberg Finance LP
Musk “continues to have discussions [with] Wall Street’s top executives continue [the] Future of X,” Fox Business News correspondent Charles Gasparino wrote on X.
“Looks like they’re telling me they’re agreeing on a new type of payment system, [an] updated version of PayPal. It offers low transaction costs (unlike credit cards) and monetizes user information.”
Earlier this month, media reports denied by Musk suggested X could add a trading platform built into the app to make the app a financial data giant to compete with Bitcoin, Ethereum, XRPXRP or Musk’s “favorite” cryptocurrency Dogecoin.
PayPal, the payments giant Musk’s.
PayPal’s support for bitcoin and cryptocurrencies in late 2020 helped spark the recent bull market in bitcoin prices, which catapulted bitcoin to nearly $70,000.
“We’ve seen PayPal launch their stablecoin — that also serves as a seal of approval,” Gavin Michael, the chief executive of Bitcoin custody company Bakkt, owned by the Intercontinental Exchange, said in emailed comments.
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could be reignited by Elon Musk’s leaked plan to turn X into a PayPal competitor – potentially leading to crypto chaos in Ethereum, BNB, XRP, Cardano, Dogecoin, Solana and Tron prices.Forbes Digital Assets
Michael also called BlackRock’s plans to create a long-awaited US spot bitcoin exchange-traded fund (ETF) a “seal of approval.” BlackRock, the world’s largest wealth manager, sparked a resurgence of Wall Street interest in bitcoin and cryptocurrencies when it applied for a spot bitcoin ETF in June.
“We’re starting to see people transacting on stablecoins, whether they’re minted on a private or public blockchain, and we like that too, because it’s showing that the technology is making even traditional financial services better,” Michael said.
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I’m a journalist with extensive experience in technology, finance, business and business around the world. As Founding Editor of Verdict.co.uk, I have covered how technology is changing the economy, political trends and the latest culture and lifestyle. I’ve covered the rise of Bitcoin and cryptocurrencies since 2012, charting its emergence as a niche technology into the greatest threat to mainstream finance the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally own a small amount of bitcoin and other cryptocurrencies.
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