Tesla and Spacex CEO Elon Musk says dogecoin has potential as a currency. However, his Twitter buyout deal has been delayed “pending detailed information confirming the calculation that spam/fake accounts are indeed less than 5% of users.”
Elon Musk says Dogecoin has potential as a currency
Tesla CEO Elon Musk made another bullish statement about the cryptocurrency meme dogecoin (DOGE), despite the massive sell-off in the cryptocurrency market.
Musk confirmed that dogecoin “has potential as a currency.” His tweet was in response to a comment from one of dogecoin’s creators, Billy Marcus, who said he liked the meme cryptocurrency because “it knows it’s stupid.”
In his tweet, the Tesla CEO repeated his previous statement that DOGE is the best cryptocurrency for transactions. In contrast, he said bitcoin is better for storing value. Musk, who is known in the cryptocommunity as Dogefather, also said that dogecoin is the “people’s cryptocurrency.”
As a longtime supporter of DOGE, Musk tweeted in April 2019, “Dogecoin may become my favorite cryptocurrency. It’s pretty cool.” The Tesla boss also said he personally owns dogecoin in addition to bitcoin and ether.
Musk’s Twitter deal put on hold
The Tesla boss offered to buy Twitter for about $44 billion, to which the social media company agreed. He has since discussed various ways to improve the platform.
However, Musk announced Friday that the deal to buy Twitter is on hold, writing on Twitter:
The Twitter deal is temporarily on hold pending details confirming calculations that spam/fake accounts are indeed less than 5% of users
Nevertheless, he added that he is “still committed to [the acquisition].”
One of the biggest problems he is trying to solve has to do with cryptocurrency spam bots. Musk called it “the most annoying problem on Twitter.” Shark Tank star and Dallas Mavericks NBA team owner Mark Cuban suggested using dogecoin as a solution to Twitter’s spam-bot problem. Musk responded by saying it was “not a bad idea.” He also indicated that dogecoin could be accepted for payment on Twitter Blue.
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