Elon Musk’s Mention of XRP Triggers XRP Army’s Excitement, But Here’s Catch

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Elon Musk, the serial tech entrepreneur, CEO of Tesla, SpaceX and a bunch of other innovative companies, has mentioned the Ripple-affiliated XRP cryptocurrency recently, while answering questions from the audience after saying his speech in Pittsburgh town hall.

Many XRP fans in the comments responded with a great deal of enthusiasm, some even suspected Musk of being a secret XRP supporter.

"Not endorsement of XRP"

During his recent speech in the town hall Pittsburgh, X owner Elon Musk was asked if he believes that the XRP Ledger would soon be incorporated into financial institutions in the future considering the level of the opposition from the SEC under its current administration.

Instead of saying anything specific about XRP, Musk shared his take on cryptocurrencies in general. The tech mogul stated that he believes crypto to be an “interesting and probably valuable bulwark against a centralized control.”

Musk rushed to add that this was “definitely not an endorsement or lack of endorsement of XRP.” However, he stressed that he does believe that “crypto by its very nature helps with individual freedom.”

Elon Musk, Dogecoin and crypto in general

Elon Musk is a well-known for his support of the original meme cryptocurrency Dogecoin, which was created by Billy Markus and Jackson Palmer based on the Bitcoin code and launched as a parody on BTC in December 2013. Musk several times admitted that he was attracted to DOGE because of dogs and memes. He owns a Shiba Inu dog called Floki, which inspired the creation of the FLOKI meme coin in 2021.

Musk believes Dogecoin to be a currency of the people and reckons that it is much better suited for payments than Bitcoin. In July this year, when taking part in a podcast, Musk said that he was not be going to promote any cryptocurrency unless in a joking way. He warned the community that if they see a video of him endorsing any cryptocurrency that would be a deep-fake.

On the same podcast, he said that he does believe that there is merit in Bitcoin and perhaps some other cryptos.

His companies Tesla and SpaceX still hold Bitcoin bought in 2021 and they also accept Dogecoin for their merchandise.