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

Elon Musk from Spacex and Tesla says that the dogecoin currency has great potential. However, his Twitter buyout deal has been put on hold “pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

Elon Musk Believes Dogecoin has Potential to be a Currency

Tesla CEO Elon Musso made another optimistic statement on the me cryptocurrency dogecoin(DOGE), despite the massive crypto market sell-offs.

Musk affirmed that dogecoin “has potential as a currency.” His tweet was in response to a comment by dogecoin co-creator Billy Markus, who said that the reason he likes the meme cryptocurrency is because “it knows it is stupid.”

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

The Tesla CEO’s tweet reiterated his earlier statement that DOGE is the best crypto for transactions. He said that bitcoin was better suited for storing value. Musk, who is known in the crypto community as the Dogefather, also said that dogecoin is “the people’s crypto.”

A longtime supporter of DOGE, Musk tweeted in April 2019: “Dogecoin might be my fav 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

Tesla CEO Elon Musk offered to acquire Twitter for approximately $44 Billion. This offer was accepted by the social media firm. Since then, he’s been discussing different ways of improving the platform.

Musk, however, announced that the Twitter Buyout Deal has been canceled.

Twitter puts hold temporarily for details that support the calculation that spam/fake account accounts actually represent less then 5%

Nonetheless, he added that he is “Still committed to [the] acquisition.”

One of the biggest problems he’s trying to solve concerns cryptocurrency spam bots. Musk called it the “single most annoying problem on Twitter.” Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, has suggested using dogecoin as a solution to solve the Twitter spambot problem. Musk responded by saying it is “not a bad idea.” He also indicated that dogecoin might be accepted for the Twitter Blue service.

What do you think about Elon Musk’s dogecoin comment and his Twitter deal being put on hold? We’d love to hear from you in the comment section.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects and intersections between cryptography and economy.

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