Update 09/04 below. This article was first published on September 3rd
Elon Musk, Tesla
Participant He is now a Forbes CryptoAsset & Blockchain Consultant who has managed to ride the roller coaster ride of the Bitcoin and cryptocurrency markets.
This year's bitcoin price rally has stalled in recent weeks as crypto traders braced for a "crazy" September of falling cryptocurrency prices and the "treasure" of Dogecoin's bitcoin competitor Elon Musk, a meme-based bitcoin fork created as a "joke". . “ .”
Now, Musk has announced that he is "silently" funding the development of Dogecoin, despite the fact that the price of Dogecoin, along with Bitcoin and other cryptocurrencies, is down 90% from its all-time high.
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Before buying Twitter for $44 billion last year, Musk envisioned building a “new blockchain-based social media platform” that could include a payments system using Dogecoin, the semi-reputable cryptocurrency that is secretly developing and financed.
writes Musk biographer Walter Isaacson in an excerpt from his new book, Elon Musk, published in the Wall Street Journal. The extentof
Musk's
funding or investment
in Dogecoin is unclear, but he has previously said he wants to "rebuild" Dogecoin.and "Become the currency of the land."
Update 09/04: As Musk pours money into cryptocurrency development, venture capital funding for cryptocurrency companies reportedly fell to its lowest level in two years, falling to $500 million in August, according to The Block Research US Dollars . “I think people use the dry powder napkin math.
They confuse it with a need and desire to thrive as they did in 2021 [and] 2022,” Tom Schmidt, managing partner at cryptocurrency firm Dragonfly, told The Block. August's decline marked the fourth consecutive month in funding in cryptocurrency and the most since January
2021.
It was the lowest monthly volume on record.The
crypto executive, who raised $100 million in August, managed to snag expensive items including BitGo and Open-linked Worldcoin TO THE.
", and is currently in the process of obtaining a state license to transfer money.
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a free daily newsletterMusk, who has expressed support for meme-based Bitcoin competitor Dogecoin since 2018, has been known to have advised Dogecoin developers since 2019, according to a 2021 Decrypt report, when a core team of four developers rejected Dogecoin's offer of funding. Musk.
At the same time, Musk has been buying large amounts of bitcoin through his companies Tesla and SpaceX. In early 2021, Tesla bought $1.5 billion worth of Bitcoin, citing its “long-term potential,” but cashed in on 75% of that amount in just one year as the company struggled to generate quarterly profits.
Musk said of Tesla's bitcoin sale, "This should not be taken as a valuation of bitcoin."