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Errol Musk: Tower will be a ‘truly international institute’

By Shruthi Nair
  • Tower will be ‘innovation centre’
  • Discussions with Al Khaili Group
  • Attractive location for crypto

Errol Musk told AGBI in an exclusive video interview during his visit to Dubai that the Musk Tower that is to be built in the UAE will serve as an innovation centre.

It will also foster developments in science “that are ignored”, including “space-time travel and gravity”, he said.

Discussions are ongoing with Abu Dhabi-based Al Khaili Group for the development of the Musk Tower, a project backed by the father of the world’s richest man, Elon Musk. 

Meme coin “Musk It”, a digital asset, will be central to the plan. Holders of it will be invited to stake their tokens in exchange for shares in the Musk Tower.

A meme coin is a cryptocurrency that originated from an internet meme or has some other humorous characteristic

The UAE is an attractive location for the Musk Tower as it is one of the top-ranking countries globally for the adoption of crypto. About 35 percent of the population own a currency, nearly double that of the US.

The UAE also has the world’s first regulator in the form of the Virtual Assets Regulatory Authority.

“Dubai is central to India, Russia, China, Africa and America. If you put the institute in [the latter], it would be an American institute, if you put it in Russia, it would be a Russian institute. If you put it here, it would be a truly international institute,” Musk said.

The Middle East currently has about $400 billion in on-chain value as of mid-2024.  

According to Bitget Research, the research arm of the cryptocurrency exchange Binance, 72 percent of UAE crypto investors hold bitcoin. The UAE holds about $40 billion in bitcoin reserves.

However, the volatile and speculative nature of meme coins and increasing number of “pump-and-dump” cases have brought the cryptocurrency under scrutiny. 

Watch the full interview with Errol Musk to find out more

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