THELOGICALINDIAN - However discussions on the affair assume to be in jest
Elon Musk of Tesla and SpaceX acclaim has hinted that he could advance a cryptocurrency, admitting the achievability charcoal uncertain.
Musk Proposes Marscoin
On Feb. 14, Musk bidding a admiration to buy ample amounts of Dogecoin to drive up its value. Alternately, he said, he could pay Dogecoin investors to abandoned their accounts.
A day later, Mansour Shahrokh of Knight Chadwick Limited appropriate that Musk should actualize his own cryptocurrency in adjustment to achieve the assignment of affairs up the Dogecoin supply. “You wouldn’t charge to pay [U.S. dollars] to accomplish those above dogecoin holders richer than they already are,” Shahrokh observed.
Binance CEO Changpeng Zhao appropriate calling the cryptocurrency Marscoin. Musk replied: “There will absolutely be a Marscoin.”
Those comments are apparently in advertence to earlier discussions on Twitter, which appropriate that Musk should actualize a crypto for SpaceX Mars missions appointed to activate in 2024.
Of course, the abstraction proposed today has annihilation to do with Mars. It is accompanying to a accessible acquirement of Dogecoin, which implies that Musk’s acceptance is beneath than serious.
Is It Feasible?
Though the action declared aloft appears to be in jest, the abstraction is not absolutely unthinkable.
Tesla recently purchased $1.5 billion of Bitcoin, which suggests that Musk or his enterprises could allow a cogent allotment of Dogecoin’s $6.5 billion bazaar cap. Likewise, affairs and afire those bill in a abandoned annual would drive up the amount of Dogecoin.
However, creating a cryptocurrency would acceptable account authoritative agitation for Musk. Even if Musk did not backpack out an ICO and created a bread that derives its amount from his own fame, accomplishing so would acceptable allure exceptionable absorption from regulators such as the U.S. Securities and Exchange Commission.
Ultimately, it seems absurd that Musk will undertake the abstraction in practice—though it is additionally absurd that this is the end of his cryptocurrency endeavors.
At the time of autograph this columnist captivated beneath than $75 of Bitcoin, Ethereum, and altcoins.
