Elon Musk, CEO of Tesla and Spacex, says Dogecoin has potential as a currency. However, Twitter’s takeover deal has been held “pending details supporting the account that fake/fake accounts actually account for 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 dogecoin (DOGE) meme despite the massive sell-off in the cryptocurrency market.
Musk emphasized that Dogecoin “has potential as a currency.” His tweet was in response to a comment from Dogecoin co-creator Billy Marcus, who said his reason for liking the crypto-meme is because he “knows it’s stupid.”
The Tesla CEO’s tweet reiterated his previous statement that DOGE is the best crypto for transactions. On the other hand, he said that bitcoin is the most suitable as a store of value. Musk, known in the crypto community as the Godfather, said Dogecoin is “the cryptocurrency of the people.”
Musk, a longtime supporter of DOGE, tweeted in April 2019: “Dogecoin might be my favorite cryptocurrency. Really cool.” The Tesla chief also revealed that he personally owns dogecoin in addition to bitcoin and ether.
Musk’s Twitter deal is pending
The Tesla boss offered to buy Twitter for $44 billion, which the social media company accepted. Since then, he has been discussing different ways to improve the platform.
However, Musk announced on Friday that the Twitter acquisition deal has now been put on hold, tweeting:
Twitter deal is temporarily on hold with the suspended account backing up details that spam/fake accounts already account for less than 5% of users
However, he added that he “remains committed [the] Obsession.”
One of the biggest problems it tries to solve has to do with cryptocurrency spam. Musk called it “the most annoying problem on Twitter.” Shark Tank star and NBA team owner Dallas Mavericks, Mark Cuban, has suggested using dogecoin as a solution to the Twitter spambot issue. “It’s not a bad idea,” Musk responded. He also indicated that Dogecoin may be accepted into the Twitter Blue service.
What do you think of Elon Musk’s Dogecoin comment and his Twitter deal hanging? Let us know in the comments section below.
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