Bitcoin dropped over $5,000, currently hitting a daily low of $96,577. This decline is particularly severe for altcoins. Following negative U.S. data affecting the risk market, the stock market experienced a sharp drop today. Meanwhile, Elon Musk made comments related to cryptocurrency.
Elon Musk's Comments on Cryptocurrency
This eccentric billionaire leaned more towards cryptocurrency in 2021. However, the narrative surrounding the environmental impact of mining shifted around mid-2021. Over time, Musk showed a lack of interest in cryptocurrency, leading to the removal of certain features, including adding NFTs to his profile picture.
Upcoming Payment Service on X
As we previously announced, X (formerly Twitter) will soon launch a payment service. These services will be available without a license in all 50 states, although they will be restricted in states without a license.
Despite previous comments hinting at the inclusion of cryptocurrency, Musk stated in a recent broadcast on Space:
"In the near future, X Payments will not support cryptocurrency. We need a license. I am solely focused on fiat currency. I am concentrating on launching the X Payment service efficiently."
Musk's reluctance to completely dismiss this idea is a positive sign, as the absence of cryptocurrency had been anticipated. Our recent announcement confirmed this. However, with clarity on regulation and potential licensing frameworks under the Trump administration, Musk may consider integrating cryptocurrency before the year ends. Why is he hesitant to pursue additional profit?
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