Elon Musk, CEO of Spacex and Tesla, says that dogecoin could be a cryptocurrency. His Twitter buyout deal was put on hold, “pending details supporting calculation to show that spam/fake accounts actually represent less than 5%.
Elon Musk Believes Dogecoin has Potential to be a Currency
Tesla CEO Elon Musk made another positive statement about the meme cryptocurrency dogecoin, DOGE (despite huge sell-offs in the crypto market.
Musk stated that dogecoin has potential to be a currency. He was responding to a comment from Billy Markus, co-creator of dogecoin. Markus said that the reason he likes the meme cryptocurrency was because it “knows it is stupid.”
In a tweet, the Tesla CEO reiterated his earlier claim that DOGE was the best cryptocurrency for transactions. He said that bitcoin was better suited to be a store of values. Musk, known as the Dogefather in crypto, said that dogecoin was ” The People’s Crypto”.
Musk, a long-standing supporter of DOGE’s cryptocurrency, tweeted April 2019 that “Dogecoin may be my favorite cryptocurrency.” It’s quite cool.” Musk, Tesla boss, also disclosed that he owns dogecoin along with bitcoin and ether.
Musk’s Twitter Deal is on Hold
The Tesla boss offered to purchase Twitter for $44 billion. This was accepted by the social media company. He has been talking about improving the platform since then.
Musk, however, announced Friday that the Twitter buyout deal was now on hold. He tweeted:
Twitter temporarily suspends details to support calculation that spam/fake accounts represent less than 5%
He said that he was “Still committed [to] the acquisition.”
He is trying to eliminate cryptocurrency spambots as one of his biggest problems. It is the ” single most annoying issue on Twitter,” Musk said. Shark Tank star Mark Cuban, owner of the NBA team Dallas Mavericks has suggested using dodecoin to fix the Twitter spambot problem. Musk replied that it was a good idea. He also suggested that dogecoin could be accepted for the Twitter Blue service.