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

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Tesla CEO Elon Musk Reaffirms Dogecoin ‘Has Potential as a Currency’ as Twitter Deal Is Put on Hold – Elon Musk, the CEO of Tesla and SpaceX, believes that dogecoin has currency potential. His Twitter buyout has been placed on hold “waiting details supporting calculation that spam/fake accounts do really comprise less than 5% of users,” according to the company.

Despite large sell-offs across the crypto market, Tesla CEO Elon Musk has made another bullish declaration regarding the meme cryptocurrency dogecoin (DOGE).

Dogecoin “has potential as a currency,” according to Musk. His remark came in response to a statement by Billy Markus, the co-creator of dogecoin, who stated that he liked the meme cryptocurrency because “it recognizes it is stupid.”

Also Read: Crypto and Blockchain Firms Constitute 16% of UAE Free Zone’s Record Q1 Company Registrations

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The tweet from the Tesla CEO reaffirmed his earlier declaration that DOGE is the ideal cryptocurrency for transactions. Bitcoin, on the other hand, he believes, is better suited as a store of value. Musk, dubbed “the Dogefather” by the crypto community, also stated that dogecoin is “the people’s crypto.”

“Dogecoin might be my favorite cryptocurrency,” Musk, a longstanding backer of DOGE, tweeted in April 2019. It’s rather enjoyable.” In addition to bitcoin and ether, the Tesla CEO said that he personally owns dogecoin.

Tesla’s CEO made a $44 billion bid to buy Twitter, wherein the social media company accepted. He has been discussing numerous methods to improve the platform since then.

Musk, on the other hand, tweeted on Friday that his Twitter buyout deal had been placed on hold, writing:

“The Twitter deal has been put on hold pending confirmation of the calculation that fake/spam accounts account for less than 5% of users.”

Despite this, he said he is “still committed to the acquisition.”

Also Read: Central Bank of Argentina Bans Private Banks From Offering Cryptocurrency Services

One of the most pressing issues he’s attempting to address is cryptocurrency spam bots. It’s the “single most frustrating problem on Twitter,” according to Musk.

Mark Cuban, the Shark Tank star and owner of the NBA team Dallas Mavericks, has proposed adopting dogecoin to fix the Twitter spambot problem. Musk said that it was “not a bad idea.” He also mentioned that the Twitter Blue service might accept dogecoin.

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