Tesla
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market crash
The bitcoin price was helped to never-before-seen highs by Musk adding $1.5 billion of bitcoin to Tesla’s balance sheet early last year. However, amid a brutal bitcoin price crash, the company sold almost all of its bitcoin last month due to economic uncertainty (though bitcoin and crypto are suddenly braced for a $10 trillion earthquake).
Now, Musk has reiterated his support for the meme-based dogecoin, praising its “transactional throughput” and that it doesn’t take itself “too seriously”—despite a stark warning some cryptocurrencies “could fail.”
Want to stay ahead of the market and understand the latest crypto news? Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious
Elon Musk, the chief executive of Tesla, has helped the dogecoin price soar over recent years amid a … [+]
“I’m mainly supporting doge, frankly, because I think doge has the memes and dogs and it seems to have a sense of humor and doesn’t take himself too seriously,” Musk, who last year revealed he personally owns dogecoin, bitcoin and ethereum, said during a recent interview on the Full Send Podcast.
Initially created as “a joke,” dogecoin has rocketed up the crypto rankings over the last 18 months after fading into relative obscurity in prior years. The support of Musk and other high-profile investors such as Mark Cuban pushed the dogecoin price to around 70 cents last year ahead of Musk’s much-hyped appearance on the comedy sketch show Saturday Night Live. The price of dogecoin has since collapsed to just 6 cents, down more than 90%.
After Tesla bought bitcoin last year, Musk embarked on a long-running campaign to upgrade dogecoin so it could “beat bitcoin hands down.” In June, dogecoin developers released an update that improves security and efficiency.
“I think actually, weirdly, even though doge was just designed to be like this ridiculous joke currency, but the actual total transactional throughput capability of doge is much higher than bitcoin,” Musk said. Earlier this year, Musk said he is still buying the joke bitcoin rival and will continue to support it.
In May, Musk announced his rocket company SpaceX will follow Tesla in accepting dogecoin for merchandise. Tesla began accepting dogecoin for merchandise purchases in January.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The dogecoin price has collapsed over the last year despite Elon Musk’s support, falling along with … [+]
In June, Musk and his companies Tesla and SpaceX were hit with a $258 billion lawsuit claiming they are part of a racketeering scheme to pump the dogecoin price.
Meanwhile, Musk has offloaded almost $7 billion worth of Tesla stock over the past week, according to a Securities and Exchange Commission filing, just months after he said he had no plans to sell any more Tesla stock.
Elon Musk Reveals The Cryptocurrency He’s ‘Mainly’ Supporting After Tesla Dumped Bitcoin Amid Crypto Price Crash & Latest News Update
Elon Musk Reveals The Cryptocurrency He’s ‘Mainly’ Supporting After Tesla Dumped Bitcoin Amid Crypto Price Crash & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
Elon Musk Reveals The Cryptocurrency He’s ‘Mainly’ Supporting After Tesla Dumped Bitcoin Amid Crypto Price Crash & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links