19 shares

Tesla CEO Elon Musk Reaffirms Dogecoin ‘Has Potential as a Currency’ as Twitter Deal Is Put on Hold

Tesla and Spacex says that dogecoin has potential as a currency. However, his buyout deal has been put on hold “pending supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

Elon Musk Says Dogecoin Has Potential as a Currency

Elon Musk has made another bullish statement about the meme dogecoin (DOGE) despite massive sell-offs across the market.

Musk affirmed that dogecoin “has potential as a currency.” His tweet was in response to a comment by dogecoin co-creator Billy Markus, who that the reason he likes the meme cryptocurrency is because “it knows it is stupid.”

Tesla CEO Elon Musk Reaffirms Dogecoin 'Has Potential as a Currency' as Twitter Deal Is Put on Hold

The Tesla CEO’s tweet reiterated his statement that DOGE is the best crypto for transactions. In contrast, he said is better suited as a store of value. Musk, who is known in the as the Dogefather, also said that dogecoin is “the people’s crypto.”

A longtime supporter of DOGE, Musk tweeted in April 2019: “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” The Tesla boss also revealed that he personally owns dogecoin in addition to bitcoin and ether.

Musk’s Twitter Deal Is on Hold

The Tesla boss has offered to buy Twitter for about $44 billion, which the social media company accepted. Since then, he has been discussing various ways to improve the platform.

However, Musk announced Friday that his Twitter buyout deal has now been put on hold, tweeting:

Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users

Nonetheless, he added that he is “Still committed to [the] acquisition.”

One of the biggest problems he’s trying to solve concerns cryptocurrency spam bots. Musk it the “single most annoying problem on Twitter.” Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has suggested using dogecoin as a to solve the Twitter spambot problem. Musk responded by saying it is “not a bad idea.” He also indicated that dogecoin might be accepted for the Twitter Blue service.

What do you think about Elon Musk’s dogecoin comment and his Twitter deal being put on hold? Let us know in the comments section below.

Continue reading on Bitcoin.com


Like it? Share with your friends!

19 shares
Share via
Share via
Send this to a friend