Elon Musk, Tesla
Subscribe now to Forbes CryptoAsset & Blockchain Advisor and "Discover Blockchain Blockbusters Ready for Over 1000% Returns" Ahead of Next Year's Historic Bitcoin Halving .
Bitcoin prices, which surged in the new year following BlackRock's cryptocurrency attack on Wall Street, have stalled on fears that the Federal Reserve could trigger a cryptocurrency crash.
Now that Elon Musk has revealed his personal cryptocurrency holdings, his social media platform
Bitcoin's historic halving is expected to hurt cryptocurrency prices! Sign up now to receive your free CryptoCodex - a daily newsletter for traders, investors and cryptocurrencies to help you stay ahead of the market.
Payment for participation in the auction, reports Reuters. .
Last week, Musk's company X confirmed plans to compete with PayPal and Visa.
Even banks want to “bring a revolution in 2024 with innovative products and services that will change the way we connect, communicate and transact.”
“We will introduce peer-to-peer payments, open up new opportunities for more user benefits and commerce, and give you the opportunity to live more of your life together,” the blog post said.
Meanwhile, Musk confirmed that he still owns a large amount of Dogecoin, a "joking" rival to Bitcoin, the meme-based cryptocurrency that Musk once said he wanted to make "the currency of the world."
“I still own a ton of Dogecoin, and SpaceX still owns a ton of Bitcoin,” Musk said during the X Spaces broadcast, referring to the rocket company. Musk's electric car company Tesla also has 10,000 bitcoins worth about $500 million.
Dogecoin's price has fallen sharply since hitting an all-time high in 2021, but it has confounded its critics, retained some of its massive gains and remains one of the top cryptocurrencies with a market capitalization of $11.5 billion.
Subscribe now to Cryptocodex : Forbes' free daily cryptocurrency newsletter "Satoshi Awakens"
In October, a leaked virtual meeting at X revealed Musk's plans to develop X's financial services, with prominent voices in the bitcoin and cryptocurrency space calling the plan something that could draw widespread "criticism" of the cryptocurrency's adoption
. If it's money, it will be on our platform. Cash, securities or something else,” Musk said at the time.
Musk, who has previously stated that he wants to convert and accept cryptocurrencies.
PayPal has been bullish on Bitcoin and cryptocurrencies in recent years, and in late 2020 Bitcoin announced plans to: PayPal's initial support for Bitcoin Cash comes after Ethereum, Litecoin, and its own dollar-pegged stablecoin launched support for Bitcoin and other cryptocurrencies. 202 The price of Bitcoin rose to almost $70,000 after Elon Musk reported that the US government was trying to block it