$DOGE Elon Musk made some important statements about the latest developments in the cryptocurrency world. Here are the details:
1. **X Social Media Platform and Crypto Payments**:
- **X Social Media Platform**, owned by Elon Musk, has received a regulatory license allowing it to process cryptocurrency payments in the US. This license was granted to company X as the **Rhode Island Money Transfer Permit**. With this license, X will be able to legally carry out activities such as "maintaining control of virtual currency or transactions in virtual currency" both on behalf of himself and others³.
- Other states where X is licensed include Michigan, Missouri, New Hampshire, Maryland, Georgia and Arizona. Since X has **approximately 450 million active users**, the platform accepting cryptocurrencies as a payment method could be a big step for the crypto industry.
2. **Bitcoin and X Infrastructure**:
- Elon Musk stated that he is open to the idea of using Bitcoin in X infrastructure. However, he stated that he thinks little about Bitcoin in daily life. Musk had made similar statements about cryptocurrencies before. Tesla was on the agenda in the past for selling electric cars with BTC, but it stopped these sales, citing environmental concerns⁴.
3. **Dogecoin and Payment System**:
- While Dogecoin was initially a joke cryptocurrency, it became popular with the support of Elon Musk. With its fast transfer times and low transaction fees, Dogecoin has the potential to find a place in payment systems. However, its price can fluctuate rapidly, which may be a concern for some traders and businesses.
These statements show how Elon Musk, one of the important names in the cryptocurrency world, affects the developments in the sector. However, remember that the value of cryptocurrencies is fluctuating and you should do careful research before investing. 🚀🌟
