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A consortium of investors led by billionaire Elon Musk has launched an audacious bid to buy the Ethereum network and rebrand it as Xthereum. The deal, rumored to be worth $100B, values Ethereum at less than a third of its current market cap. But Musk claims that the offer represents a “good deal” for Ethereum, which he believes to be significantly overvalued. The proposal submitted to the Ethereum Foundation would see Musk’s private investment group assume overall control over the Ethereum network, including majority voting rights. This would grant them the ability to unilaterally update the Ethereum protocol and to adjust ETH issuance and staking parameters. Musk Moves on Non-Profits The bid tabled for Ethereum follows a similar proposal that was filed last week for OpenAI. Musk wishes to compel the artificial intelligence unicorn to adhere to its original mandate to operate as a non-profit. Analysts have noted a number of similarities between the two mooted acquisitions. “OpenAI is the world’s most valuable non-profit,” said financial expert Trent Hunter, “And for its bagholders, ETH is the world’s largest non-profit. If Musk is looking to scoop up distressed assets, he s hould look no further than Ethereum.” While the Musk consortium is remaining tight-lipped about their stewardship of Ethereum, should the deal be approved, rumors have been swirling. Insiders believe Musk may be interested in converting ETH into a stablecoin, allowing its network to be used for simple payments. There is also talk of Musk applying his Department of Government Efficiency blueprint to Ethereum, slashing the number of network validators to double figures. While ETH stakers have expressed concern at this possibility, as Trent Hunter points out, “It would still leave Ethereum more decentralized than EOS.” “Ethereum Is Not for Sale” In protest at the Musk-led takeover bid, Ethereum validators have protested by validating blocks encoded with the message “Ethereum is not for sale.” When contacted for comment, meanwhile, Ethereum founder Vitalik Buterin promised to provide a detailed response. True to his word, within hours he published a 6,000-word blog post titled “Applying Plurality Philosophy to Quadratic Arithmetic.” The Ethereum Foundation is reported to have rebuffed Musk’s bid, insisting that it does not have the authority to greenlight such a deal. In return, Musk fired off a dozen tweets in quick succession, demanding to know who was in charge of the network and threatening to cut off all USAID funding to the Ethereum Foundation. Ethereum rallied on the news of Musk’s takeover bid, climbing by 1%, leaving ETH’s 12-month chart just 48% down on Bitcoin.

We all remember where we were when president Donald Trump stood in front of a large crowd and promised to create a “crypto army” to defeat former president Joe Biden in the presidential race of 2024. It was the start of a revolution. I could not believe my ears. But then Trump took it a step further by promising to free Ross Ulbricht, the founder of Silk Road and the crypto community’s favorite hero, after his mother pleaded with him at a campaign. It was surreal, but he didn’t stop. Trump kept talking about us, about Bitcoin, and promising to free the industry from the shackles that Biden and specifically former SEC chair Gary Gensler had it in. Donald Trump with Tyler and Cameron Winklevoss. Source: Tyler Winklevoss. It felt glorious, and the crypto elites all rallied around him almost instantly, because finally, here was a guy running for the most powerful job on the planet, saying with his own mouth, that he’ll stand by crypto enthusiasts. It’s never happened before, so of course we all fell for him, including myself. When he got shot at during that fateful campaign rally in Butler, Pennsylvania, the crypto community was beside itself with horror. Here was our hero, missing death by just a few inches. If they had gotten him, it would have been over for us. But they didn’t, and after he got back on his feet, Trump promised to fire Gary on “Day 1,” he also promised to mine all of the remaining Bitcoins in the world in America, while on a mission to make it the “crypto capital of the planet.” President Trump with David Sacks and Bo Hines, signing the executive order for a Bitcoin strategic reserve in the Oval. Source: David Sacks Twitter/X. Gemini’s Winklevoss twins, Ripple executives, Cardano’s Charles Hoskinson, Strategy’s Michael Saylor, Coinbase’s Brian Armstrong, and many others in the industry donated to his campaign. And after an outstanding run, beating both Biden and his supposed successor Kamala Harris, Trump won the election. He became president again, making history as both the first person to ever do that and also the first person to call himself “crypto president,” a title we’d seemingly reserved for El Salvador’s president Nayib Bukele. But seeing as Nayib is a huge fan of Trump himself, we don’t think he cares very much about that at all. January, the first disappointment Precisely two days before Mr. Trump’s inauguration, he decided to launch a meme coin, calling it $TRUMP. Then less than 48 hours later, his wife Melania also launched hers, $MELANIA. Both turned out to be sloppy rug pulls, and investors lost billions, while Trump and his backers allegedly made $350 million cumulatively. Trump had promised us a national Bitcoin reserve during the campaign, inspired by the ever-iconic Senator Cynthia Lummis, but the executive order for that didn’t come until January 23rd, and he called it a “Digital Asset Stockpile.” It didn’t mention Bitcoin at all, just stablecoins because apparently, they are the key to keeping the Almighty dollar on top. He then said he was gonna ban CBDCs too. Of course the industry found all that weird and while we were all scrambling to understand exactly what our hero is doing, we failed to see that he actually has absolutely no idea what he’s doing himself. Trump’s exact words were: “We’re promoting and protecting the sovereignty of the United States dollar, including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.” There was a ton of backlash, but then he’d free Ross, so the community decided to wait on him a bit, give him the benefit of the doubt. And boy, it is a little embarrassing to see how wrong we were. February, the second disappointment The elites clearly applied some financial pressure on Mr. Donald Trump, because out of nowhere whilst in the middle of unnecessary trade wars with three different countries, the president finally announced that he was launching a crypto strategic reserve. But get this, his first announcement only mentioned SOL, ADA, and XRP, which was a little weird. Though after being called out, he threw us a bone by going like, “Oops, yes, Bitcoin too, and Ether. I love them!” That was March 6th. On March 7th, he hosted the first-ever White House crypto summit, with attendees like Brian, Brad Garlinghouse, Crypto Czar David Sacks, Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, Michael Saylor, and Tyler and Cameron Winklevoss. (From the left) Howard Lutnick, Scott Bessent, Donald Trump, David Sacks, Bo Hines, Brian Armstrong, and Michael Saylor at the crypto summit. Source: White House X/Twitter But even that was nothing but pure disappointment. The Bitcoin reserve’s executive order had said that the US wouldn’t be buying any more Bitcoin but would instead use the ones it already got, through forceful seizures over the years. At the summit, Trump said America wouldn’t sell any of its Bitcoin, then followed up with a reality-inducing comment: “From this day on, America will follow the rule that every Bitcoin [holder] knows very well. Never sell your Bitcoin. And that’s a little phrase that they have. I don’t know if that’s right or not. Who the hell knows, right?” he said. Take a look at Bitcoin maxi Saylor’s reaction to that in the picture below. It’s the same as this author’s: While Trump was signing the executive order in the Oval with David Sacks, David was explaining to him that this order will be fulfilling the promises he made to make America the crypto leader and free crypto users, Trump said: “I said that? And this is something you believe in, right?” The truth of the matter is Trump never had any real plan for crypto, he doesn’t understand anything about it, or how it even works. And he could care less about our beliefs. He’s actually more of a crypto hostage than hero at this point. He’s not quite sure what to do with us, but since our elites have spent hundreds of millions of dollars and sees more coming via alleged insider trades, he has no choice but to humor us every once in a while, kind of like he’s doing with Elon Musk, but hey, that’s a different story for a different article. Trump is not the hero crypto wanted, but he’s the one we got, and we’re stuck to him now.

JUST IN: Elon Musk says Tesla "will be fine long-term" after $TSLA fell 15.4% today.

🔥 Billionaire tech mogul Elon Musk has just revealed that X (formerly Twitter) has been hit by a large-scale cyberattack! 💻⚠️ 🔍 The attack targeted critical systems, raising concerns about data security and platform stability. 🛡️ Musk assured users that his team is working round-the-clock to mitigate the breach and enhance cybersecurity measures. 🔐🚀 💬 What do you think? Is this a new era of cyber warfare or just another tech hurdle? Drop your thoughts below! ⬇️👇 #ElonMusk

Elon Musk just mentioned 3 times Pi coin on X