Economy

Ratcoin: Elon Musk Debuts His 1st Digital Currency

ratcoin elon musk

Elon Musk, the CEO of Tesla and SpaceX, as well as a business magnate and one of the world’s wealthiest men, just announced the creation of a brand-new cryptocurrency. RatcoinTM, which went public on February 18, is already causing a stir.

Elon Musk On Ratcoin

Musk is no stranger to the economics and cryptocurrency worlds. He has influenced the value of Gamestop stocks, Bitcoin, Dogecoin, and even Tesla, his own publicly traded company. Musk’s social media shenanigans are largely responsible for this influence. Musk has a sizable Twitter following, with just over 47 million followers at the time of writing.

ratcoin elon musk
ratcoin elon musk

Demand, production cost, and real-world use are all elements that influence the value of most cryptocurrencies. The value of RatcoinTM, on the other hand, will be largely dictated by Musk’s Twitter feed.

In a recent interview with Hodl Magazine, Musk stated, “I really wanted to cut out the middlemen.” “It was taking far too long for the value to rise from actual factors, so I tried to speed up the process.”

Read More: SJM Demands a “Complete Ban” On Cryptocurrencies In India; Here’s What You Should Know

Musk has created an algorithm that will add value to RatcoinTM based on how many likes and retweets his most recent posts acquire without the assistance of any engineers. Musk replied, “What?” when asked how such an algorithm could possibly operate.

Normally, the Securities and Exchange Commission (SEC) would regulate such direct control over the value of a proprietary coin (SEC). Tesla, on the other hand, recently acquired the SEC in a surprising new business combination. Musk said, “What?” when asked about the constitutionality of such a combination.

Tesla will conduct all domestic and international commerce using RatcoinTM before the end of the year, according to Musk. Musk told Hodl Magazine, “I figured if we never actually cash out the crypto, I might save a boatload on my taxes.”

Tesla owners will soon be able to trade equities and cryptocurrency in their vehicles as an extra function. However, due to restrictions in vehicle computing capability, this feature is only available while the vehicle is travelling at speeds more than 60 mph. Musk answered, “What?” when asked if such a feature was safe to include in the newest Tesla patch.

Read More: Cryptocurrency prohibition poses problems, according to IMF chief economist Gita Gopinath

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