Tesla and Spacex CEO Elon Musk says dogecoin has potential as a currency. However, his plan to take over Twitter has been put on hold.”pending details to determine that spam/fake accounts actually represent less than 5% of users“.
Elon Musk says dogecoin has potential as a currency.
Elon Musk has made another bullish statement about the dogecoin (DOGE) meme cryptocurrency, despite the massive sell-off in the cryptocurrency market.
Musk claimed that dogecoin “has potential as a currency“. His tweet was in response to a comment by dogecoin co-creator Billy Markus, who said the reason he likes the cryptocurrency meme is because “she knows she’s stupid.”
The Tesla CEO’s tweet reiterated his earlier statement that DOGE is the best crypto for transactions. In contrast, he said bitcoin is better suited as a store of value.
A longtime DOGE supporter, Musk tweeted in April 2019: “Dogecoin might 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 deal is on hold
The Tesla boss offered to buy Twitter for around $44 billion, which the company agreed to. Since then, he has discussed different ways to improve the platform.
However, Elon Musk announced on Friday that the Twitter takeover operation was now on hold, tweeting:
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users”.
Nonetheless, he added that he was “always engaged in 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 suggested using dogecoin as a solution to the Twitter spambot problem. Musk responded by saying it’s “not a bad idea“. He also indicated that dogecoin could be accepted for the Twitter Blue service.