Elon Musk Teases Dogecoin as Payment Option on X After Brazils Platform Restrictions
Elon Musk, CEO of X (formerly Twitter), has sparked renewed interest in Dogecoin (DOGE) after hinting at its potential use as a payment option on his social media platform. This comes in the wake of Brazils decision to restrict X over the companys ongoing legal disputes with the countrys authorities.
Notably, the controversy in Brazil escalated last month when a court ordered X to be blocked in the country due to its alleged role in spreading misinformation and its lack of a legal representative in the country. According to reports, the tension between X and Brazilian authorities had been simmering for months.
The situation reached a boiling point on August 30, 2024, when Musk refused to comply with a judges order to remove certain accounts, which he deemed illegal. Musk took to X to express his frustration, writing, Freedom of speech is the foundation of democracy, and an unelected pseudo-judge in Brazil is destroying it for political purposes.
Notably, the court order has been met with widespread condemnation from Brazilians and global tech enthusiasts, who view the move as an attack on free speech. That said, in a further development, the billionaire revealed on Monday that Brazils government had frozen the bank accounts of Starlink, another company under his leadership.
They froze Starlinks bank accounts too, despite Starlink being a separate company with different shareholders and having broken no laws and given no warning, Musk tweeted.
Interestingly, in the midst of this legal drama, the Dogecoin community saw an opportunity and urged Musk to consider DOGE for payments. Musks cryptic response, agreeing with the proposal, further fueled speculation that Dogecoin might soon be integrated as a payment option on X.
This isnt the first time Musk has hinted at Dogecoins potential role in Xs ecosystem. Earlier this year, the emergence of an XPayments profile with over 100,000 subscribers but no posts sparked rumors that the platform might introduce cryptocurrency payment features, including support for Dogecoin. While X and Musk have remained tight-lipped about the accounts purpose, the speculation continues to grow.
Earlier, in April 2022, he proposed lowering the cost of Twitter Blue subscriptions and allowing users to pay in DOGE. In February 2023, Musks tweets caused a surge in Dogecoins price when he humorously introduced his dog, Floki, as Twitters CEO and a board member.
Musks latest support for Dogecoin follows a significant legal win, as a $258 billion lawsuit against him and Tesla was dismissed on August 30, 2024. The lawsuit, filed by American Keith Johnson, accused Musk of manipulating the market and engaging in insider trading through his promotion of Dogecoin, and even sought to categorize Dogecoin trading as gambling.
Text source: ZyCrypto
