Tesla and Spacex CEO Elon Musk says dogecoin has potential as a currency. However, its deal to take over Twitter was put on hold “pending details supporting the calculation that spam/fake accounts actually represent less than 5% of users”.
Elon Musk says Dogecoin has potential as a currency
Tesla CEO Elon Musk has made another upbeat statement about the meme cryptocurrency dogecoin (DOGE) despite massive sell-offs in the crypto market.
Musk claimed that dogecoin “has potential as a currency.” Her tweet was in response to a comment from dogecoin co-creator Billy Markus, who said the reason he likes the cryptocurrency meme is because she “knows it’s dumb.”
The Tesla CEO’s tweet reiterated his previous statement that DOGE is the best crypto for transactions. In contrast, he said bitcoin is better suited as a store of value. Musk, who is known in the crypto community as Dogefather, also said dogecoin is “the people’s crypto”.
A longtime DOGE supporter, Musk tweeted in April 2019, “Dogecoin might be my favorite cryptocurrency. It’s really 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 offered to buy Twitter for around $44 billion, which the social media company agreed to. Since then, he has talked about various ways to improve the platform.
However, Musk announced on Friday that his takeover deal on Twitter had been put on hold, tweeting:
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts actually represent less than 5% of users
Nevertheless, he added that he is “Always determined to [the] acquisition.”
One of the biggest problems it tries to solve is with cryptocurrency spambots. Musk called it “the most annoying issue on Twitter.” Shark Tank star and NBA Dallas Mavericks owner Mark Cuban has recommended using dogecoin as a solution to the Twitter spambot problem. Musk responded by saying it was “not a bad idea”. He also indicated that dogecoin could be accepted for the Twitter Blue service.
What do you think of Elon Musk’s dogecoin comment and Twitter deal suspension? Let us know in the comments section below.
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