Elon Musk, CEO of Tesla and SpaceX, instantly talked about XRP for the primary time throughout a City Corridor assembly in Pittsburgh, Pennsylvania. The dialogue unfolded when an attendee, seemingly a supporter, requested Musk: “Do you envision the XRP Ledger being included into monetary establishments sooner or later?”
He responded thoughtfully: “I do suppose that cryptocurrency is an fascinating and doubtless invaluable bulwark towards centralized management.” Musk, who must be cautious what he says in public attributable to his attain and recognition, apparently tried to keep away from any misunderstandings and interpretations, which is why he clarified additional, “that is undoubtedly not an endorsement or lack of endorsement for XRP.”
The Tesla CEO additional added, “however I do suppose crypto by its very nature helps with particular person freedom.”
BREAKING: ELON MUSK ASKED ABOUT $XRP!
Elon Musk was requested— “Do you envision the XRP Ledger being included into the monetary establishments sooner or later”
Elon responded by stating — “ That is undoubtedly not an endorsement or lack of endorsement for XRP, however I do suppose… pic.twitter.com/Y4fndBjiFg
— Good Morning Crypto (@AbsGMCrypto) October 20, 2024
Elon Musk’s Historical past With XRP
The neighborhood reacted swiftly to Musk’s feedback. Vandell, referred to as Black Swan Capitalist (@vandell33) on X, speculated: “Take note of how nervous he was. Musk’s response was as sudden because it was revealing. Why can billionaires endorse Bitcoin & Dogecoin however can’t converse on XRP? Give it some thought. The silence says all of it.”
Notably, this occasion marks the primary time Musk has publicly commented on XRP throughout a speech. Members of the neighborhood have lengthy been searching for Musk’s consideration on X, hoping for his endorsement of the asset.
Whereas Musk didn’t explicitly endorse XRP, he had two situations of interactions with the neighborhood. Beforehand, Musk has reacted to developments involving Ripple. In October 2022, he expressed shock when the US Securities and Trade Fee launched drafts of former SEC Director William Hinman’s speech on Ethereum to Ripple. Responding to Ripple CEO Brad Garlinghouse’s announcement, Musk tweeted, “No approach.”
A couple of months later, Musk praised an episode of “The All-In Podcast” that mentioned matters together with “Inflation, market rips, Ripple/MSFT beat regulators, NATO summit, cocktails of youth,” calling it a “Good podcast.”
Regardless of these interactions, Musk has shunned instantly mentioning XRP in his posts on X. His public endorsements have primarily centered on Dogecoin (DOGE), the world’s largest memecoin. In the course of the 2020/2021 bull market, Musk’s frequent mentions of DOGE contributed to its surge to an all-time excessive in 2021. He has additionally often referenced Bitcoin (BTC) and Ethereum (ETH).
There has additionally been appreciable hypothesis about Elon Musk’s intentions to include cryptocurrency into X Fee infrastructure. Following his acquisition and rebranding of Twitter to X, many imagine that he goals to remodel the platform into an “the whole lot app,” integrating social media with monetary companies.
Musk has hinted at the opportunity of introducing cryptocurrency funds on X, and Dogecoin is continuously talked about as a probable candidate attributable to his private affinity for the token. In 2021 and 2022, Musk’s corporations, Tesla and SpaceX, started accepting Dogecoin for merchandise purchases, signaling his willingness to undertake the cryptocurrency in sensible purposes.
At press time, XRP traded at $0.5551.
