Bitrabo Editorial
During a Town Hall meeting in Pittsburgh, Pennsylvania, Elon Musk, the CEO of Tesla and SpaceX, spoke about XRP for the first time. This conversation was sparked when an audience member asked whether Musk believes the XRP Ledger could find its place within financial institutions in the future.
Musk shared his perspective, saying, “I think cryptocurrency is an intriguing and possibly valuable defense against centralized control.” He is known to be cautious with his public statements because of his significant influence, which is why he emphasized that his comments should not be interpreted as either an endorsement of or a rejection of XRP.
BREAKING:
ELON MUSK ASKED ABOUT $XRP!
When asked if he sees XRP Ledger in future financial institutions, Elon said — “This is definitely not an endorsement or lack of endorsement for XRP, but I do think… pic.twitter.com/Y4fndBjiFg
— Good Morning Crypto (@AbsGMCrypto) October 20, 2024
Elon Musk and XRP: A Brief Overview
Following Musk’s comments, the community responded quickly. An observer known as Black Swan Capitalist (@vandell33) on X remarked, “Notice how nervous he was. Musk’s answer was unexpected yet revealing. Why do billionaires share support for Bitcoin and Dogecoin but not XRP? It’s telling.”
This was the first instance where Musk openly discussed XRP at a public event. Fans of XRP have long wished for Musk’s acknowledgment of the cryptocurrency on social platforms.
Though Musk did not give a clear endorsement for XRP, he has interacted with the community on two notable occasions previously. In October 2022, he reacted to an SEC disclosure regarding Ethereum and Ripple, expressing disbelief by tweeting, “No way.”
Later, Musk praised an episode of “The All-In Podcast” that covered various subjects, including Ripple, stating it was a “Good podcast.”
Despite these mentions, Musk typically doesn’t address XRP in his posts. His primary public endorsements have been for Dogecoin (DOGE), a significant memecoin. His consistent support during the 2020-2021 rise led to a substantial increase in its value. He has occasionally also referenced Bitcoin (BTC) and Ethereum (ETH).
There is considerable speculation regarding Musk’s future plans for incorporating cryptocurrency into X Payment infrastructure. After changing Twitter’s branding to X, many believe Musk aims to transform the platform into an “everything app” that combines social media with financial functions.
Musk has suggested he might introduce cryptocurrency payments on X, typically highlighting Dogecoin due to his fondness for it. In 2021 and 2022, both Tesla and SpaceX began accepting Dogecoin for merchandise, indicating Musk’s willingness to integrate cryptocurrency into real-world applications.
As of the latest update, XRP was priced at $0.5551.
