Elon Musk, the CEO of Tesla and SpaceX as well as a business magnate and one of the world’s wealthiest men, has just announced the launch of a new cryptocurrency. RatcoinTM, which went live on February 18, has already created a buzz.
Elon Musk On Ratcoin
Musk is no stranger to the worlds of finance and cryptocurrencies. He has influenced the stock prices of Gamestop, Bitcoin, Dogecoin, and even Tesla, his own publicly traded firm. This effect is due in large part to Musk’s social media antics. Musk has a substantial Twitter following, with a little more than 47 million followers as of this writing.
The value of most cryptocurrencies is influenced by demand, production costs, and real-world use. RatcoinTM’s value, on the other hand, will be heavily influenced by Musk’s Twitter feed.
“I really wanted to cut out the middlemen,” Musk said in a recent interview with Hodl Magazine. “I tried to speed up the process because it was taking far too long for the value to climb from actual factors.”
Without the help of any engineers, Musk has devised an algorithm that will add value to RatcoinTM dependent on how many likes and retweets his most recent articles receive. When asked how such an algorithm could possible work, Musk responded, “What?”
Normally, such direct control over the value of a proprietary coin would be regulated by the Securities and Exchange Commission (SEC) (SEC). Tesla, on the other hand, recently acquired the Securities and Exchange Commission in an unexpected new business combination. When asked about the constitutionality of such a combination, Musk said, “What?”
According to Musk, Tesla will use RatcoinTM for all domestic and foreign transactions before the end of the year. “I assumed if we never actually cash out the crypto, I would save a boatload on my taxes,” Musk told Hodl Magazine.
As an added feature, Tesla owners will soon be able to trade stocks and cryptocurrency in their vehicles. This feature is only available while the car is travelling at speeds more than 60 mph due to limitations in vehicle computer capability. When asked if such a feature was safe to put in the latest Tesla patch, Musk said, “What?”