Elon Musk Attempts to Buy Ethereum and Rename It to Xthereum
Musk Seeks to Take Over Ethereum for $100 Billion
Billionaire Elon Musk, along with a consortium of investors, has made a bold bid to acquire the Ethereum network, with plans to rebrand it as "Xthereum ". According to reports, the offer is valued at $100 billion, which is less than one-third of Ethereum’s current market capitalization.
Musk argues that Ethereum is significantly overvalued, calling his proposal a "good deal" that would bring stability and a clear vision to the network.
Musk Wants Full Control Over Ethereum
The proposal, submitted to the Ethereum Foundation, would allow Musk’s investment group to take complete control of the entire Ethereum network. This means he would have majority voting rights, granting him the power to unilaterally modify Ethereum’s protocol, adjust staking parameters, and change ETH issuance rules.
If the offer were accepted, Musk would be able to completely reshape Ethereum’s future, putting the network under his team’s direct control.
Musk’s Strategy: After OpenAI, Now Ethereum?
This move follows Musk’s recent attempt to take over OpenAI, where he tried to force the company to return to its original nonprofit mission. Some analysts see a strong parallel between both cases.
🗣️ Trent Hunter, financial analyst, stated:
"OpenAI is the most valuable nonprofit organization in the world. If Musk is looking for an undervalued asset, he should look no further than Ethereum, which operates in a similar way."
Insiders speculate that Musk may want to turn ETH into a stablecoin, making the Ethereum network more suitable for payments. There are also rumors that Musk would apply his efficiency model to Ethereum, reducing the number of validators to improve network performance.
🔹 Hunter further commented:
"Even after these changes, Ethereum would still be more decentralized than EOS."
"Ethereum Is Not for Sale" – Developers Push Back Against Musk
Ethereum validators strongly opposed Musk’s takeover bid, embedding messages in newly validated blocks stating, "Ethereum is not for sale."
🗣️ Vitalik Buterin, Ethereum’s founder, promised to respond in detail. Just hours later, he published a 6,000-word blog post titled:
📜 "Applying the Philosophy of Plurality to Quadratic Arithmetic."
The Ethereum Foundation officially rejected Musk’s offer, emphasizing that it has no authority to approve such a sale.
In response, Musk launched a series of tweets, demanding clarification on who actually controls the Ethereum network and even threatened to cut all USAID funding to the Ethereum Foundation.
ETH Price Reacts to Musk’s Takeover Attempt
Following Musk’s announcement, the price of ETH rose slightly by 1%. However, its 12-month chart remains 48% lower than Bitcoin.
📈 Do you think Musk has a chance to take over Ethereum, or will the community shut him down? Share your thoughts! 👇
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