Twittering Elon Musk Explodes Cryptocurrency Dogecoin | Financial

The entrepreneur reported on Twitter working with the developers of the dogecoin, founded in 2013, to make the currency’s transaction system more efficient. “This is potentially very promising,” said Musk. He called the dogecoin ‘the crypto of the people’ because of its low price and fast processing, his network is one of the fastest in the crypto sector.

Immediately the price shot up. Friday morning, a dogecoin costs $ 0.52, up 17%.

The article continues below

Before that, Tesla, of which Musk is a major shareholder, announced that it wanted to refrain from new crypto coins. They would require too much energy.

The comment comes a few hours after Tesla announced it wanted to enter the US market for new bond financing. The US government is increasingly critical of investments in polluting manufacturing.

Last month, Tesla mentioned it is still possible to pay for new cars entirely in bitcoin. After Friday morning’s comment, bitcoin fell almost 20%, other crypto coins fell with it.

The American still strongly believes in crypto as an alternative to the dollar and other currencies, but he does not want to continue with it as ‘mining’, making coins with great computational power, and paying a lot with such coins. fossil fuel required.

The article continues below

–