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Elon Musk asserts Dogecoin has potential as a currency

Tesla CEO Elon Musk has issued another upbeat statement about the dogecoin (DOGE) crypto meme despite the massive sell-off in the crypto market.

Elon Musk asserts 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 crypto meme is because he knows “that is stupid.

The Tesla CEO’s tweet reiterates his earlier statement that DOGE is the best cryptocurrency for transactions. On the other hand, he thinks bitcoin is better suited as a store of value. Elon Musk is also known in the crypto community as the Dogefather, with his famous claim of dogecoin as “everyone’s cryptocurrency”.

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 in addition to bitcoin and ethereum he also owns dogecoin.

Musk’s Twitter acquisition is on hold

The Tesla boss offered to buy Twitter for about $44 billion and was accepted by the social media company. Since then, he has discussed various ways to improve the platform.

However, on Friday, Musk announced that his deal to acquire Twitter has now been shelved despite that Musk insists “acquisitions are still going on.”

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