Bitcoin BTC And Crypto Price Chaos via ‘PayPal Update’: Elon Musk, X and Wall Street

What’s with Elon?

According to Forbes, Tesla billionaire Elon Musk loves to cause unexpected wild swinging movements regarding BTC and other crypto.

The bitcoin world has tremendous swinging movements as economic and regulatory pressures mount—world market dealers are now preparing for a massive $15.5 trillion September Wall Street disaster.

Today, a leak said that Musk could turn X (Twitter) into an upgraded PayPal version right after the U.S. Securities and Exchange Commission (SEC) insider warned us to be wary of purchasing Bitcoin and other crypto from Binance.

Charles Gasparino of Fox Business News said that Musk and top Wall Street executives are discussing X.

According to Elon, they have been settling a new payment system in the form of an updated PayPal version. This update lowers transaction fees and enables monetization of user info.

It’s going to be a reverse counterpart of a credit card.

What is Elon denying?

Elon denied media reports regarding X’s transformation into a trading platform financial data app giant. 

Musk added that he’s not launching its cryptocurrency to rival BTC, ETH, XRP, or his favorite crypto doge.

In August, PayPal launched a U.S. dollar stablecoin named PYDUSD. 

They hope to make it to the top and not follow what happened to Meta (Facebook) as it failed their libra-turned-diem stablecoin.

PayPal has been supporting BTC and other crypto ever since the 2020 bull run, where BTC nearly hit the ceiling at the $70,000.00 mark.

Gavin Michael, the chief executive of Internation Exchange-owned BTC custody company Bakkt, said that there was an image regarding PayPal’s stablecoin through an emailed comment.

Bitcoin price overview Image via Forbes

Will there be a surprise?

Elon might reignite something in the cryptocurrency world. 

Will it be a bull or a bear? 

Whatever the outcome, being cautious is way better than doing nothing.

Michael created a plan named BlackRock’s plan regarding the U.S. spot bitcoin exchange-traded fund (ETF). This plan is on its way to approval.

 BlackRock is the largest asset manager that triggered Wall Street’s interest in cryptocurrency during the filing of the spot BTC ETF last June 2023.

Michael also said that sentiments are rising regarding stable coins transactions through minting. 

These sentiments are showing positive effects in the financial sector for better services.