Elon Musk, the well-known CEO of Tesla and SpaceX, recently stirred excitement in the XRP community during a town hall speech in Pittsburgh. While answering audience questions, he mentioned XRP for the first time, leading many fans to wonder if he secretly supports the cryptocurrency. However, his comments were more complex than XRP advocates might have hoped.
Do you think Musk’s XRP support can spark a rally in XRP prices?
When asked about the possible use of the XRP Ledger by financial institutions, especially with the SEC’s ongoing opposition, Musk did not offer a direct endorsement. Instead, he shared his general thoughts on cryptocurrencies, describing them as an “interesting and probably valuable bulwark against centralized control.”
He quickly clarified that his remarks were “definitely not an endorsement or lack of endorsement of XRP,” but emphasized that cryptocurrencies inherently promote individual freedom.
Musk is best known for supporting Dogecoin, the meme-inspired cryptocurrency that has gained popularity on social media. He often mentions his fondness for Dogecoin because of its playful nature and active community. Notably, he owns a Shiba Inu named Floki, who inspired a meme coin of his own. Musk views Dogecoin as a “currency of the people,” suggesting it is better suited for payments than Bitcoin.
In a previous podcast, he stated he would not promote any cryptocurrency unless it was in a humorous context and warned that any endorsement videos could be deepfakes.
Elon Musk has thrown his support behind pro-XRP attorney John Deaton in his campaign to unseat anti-crypto Senator Elizabeth Warren in the upcoming Massachusetts Senate election. Musk’s endorsement came in response to a post by Coinbase CEO Brian Armstrong, who urged crypto supporters to back Deaton, highlighting his commitment to advocating for crypto freedom.
Armstrong criticized Warren, calling her the “founder of the anti-crypto army” and accusing her of trying to limit individuals’ access to financial services. He suggested that her support for Gary Gensler’s appointment as SEC chairman has harmed the U.S. crypto industry. Musk’s positive response to Armstrong’s comments shows his alignment with the pro-crypto stance against Warren’s policies.
Musk’s open support for pro-crypto candidates reflects his growing interest and involvement in the trillion-dollar cryptocurrency industry. Is there more happening behind the scenes? Stay tuned for further updates!
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