Elon Musk, CEO of Tesla and Spacex, says dogecoin has potential as a currency. However, his Twitter purchase deal was terminated “pending details supporting a calculation that spam / fake accounts do represent less than 5% of users.”
Elon Musk Says Dogecoin Has Potential as Currency
Tesla CEO Elon Musk has made another bullish statement about the self-employed cryptocurrency dogecoin (DOGE) despite massive sales across the crypto market.
Musk claimed that dogecoin “has potential as a currency.” His tweet in response to a comment from dogecoin co-creator Billy Markus, who said the reason he likes the cryptocurrency itself is because “it knows it’s stupid.”
The Tesla CEO’s tweet reiterated his earlier statement that DOGE is the best crypto for transactions. By contrast, he said bitcoin is more suitable as a store of value. Musk, who is known in the crypto community as the Dogfather, also said that dogecoin is “the crypto of the people.”
A longtime supporter of DOGE, Musk encrypted in April 2019: “Dogecoin could be my favorite cryptocurrency. It’s pretty cool.” The Tesla boss also revealed that he personally owns dogecoin in addition to bitcoin and ether.
Musk’s Twitter Agreement Is Stopping
The Tesla boss offered to buy Twitter for about $ 44 billion, which the social media company has accepted. Since then, he has been discussing various ways to improve the platform.
However, Musk announced on Friday that his Twitter purchase deal has now been terminated, saying:
Twitter deal temporarily suspended pending details supporting calculation that spam / fake accounts do represent less than 5% of users.
However, he added that he is “Still committed to [the] acquisition. ”
One of the biggest problems he is trying to solve is cryptocurrency scams. Musk called it the “single most annoying problem on Twitter.” Shark Tank star and NBA Dallas Mavericks owner Mark Cuban has suggested 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 may be accepted for the Twitter Blue service.
What do you think of Elon Musk’s dogecoin comment and his Twitter deal suspended? Let us know in the comments section below.
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