After Tesla stopped paying with Bitcoin yesterday, the cryptocurrency is struggling with the consequences. Meanwhile, Elon Musk is pushing Dogecoin once again.
After Tesla boss Elon Musk announced the temporary suspension of Bitcoin payments for his company’s e-cars via Twitter yesterday, the cryptocurrency is still struggling with the consequences today. While the BTC rate was previously able to hold above 50,000 US dollars, the digital store of value slipped below this level in the course of yesterday’s trading day. At the time of going to press, Bitcoin was trading at $ 49,093 – a loss of 3.42 percent on the day.
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New support for Bitcoin comes from Mark Cuban. The multi-billionaire known from “Shark Tank” contradicted Elon Musk’s allegations and announced that his basketball team, the Dallas Mavericks, would continue to accept BTC. Because Cuban is certain that Bitcoin will benefit the environment as a digital replacement for gold.
Elon Musk wants to develop Dogecoin further
Meanwhile, Elon Musk now seems to want to deal even more intensively with Dogecoin. After his tweet about Bitcoin, he posted another one Contribution, in which he announced that he wanted to develop Dogecoin further. More precisely he wrote:
Work with Doge developers to improve the efficiency of system transactions. Potentially promising.
Elon Musk on Twitter
The reactions to the tweet are extremely critical. Some users wonder why Elon Musk criticizes Bitcoin’s Proof-of-Work procedure, but at the same time approves the same procedure for Dogecoin. Other users point out to the Tesla boss that the use of PoW achieves a much higher level of security than other consensus mechanisms. And still others wonder which developer Musk could mean at all.
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The tweet, on the other hand, did the Dogecoin course good. A few minutes after the post was canceled, Doge made a rate of $ 0.43 to $ 0.50 – an intermittent increase of 16 percent. The market capitalization just increased by about 10 billion US dollars. But that was just the beginning. At the time of going to press, the Memecoin was able to gain again, now to 0.56 US dollars.
Musk’s preference for Dogecoin could now cause the Tesla boss to seriously consider integrating Doge into payments. Just a few days ago, Musk started a survey, also on Twitter, in which he wanted to know whether the e-car manufacturer should accept payments with Dogecoin. The result was clear:
What may have sounded like a joke at first may now actually become a reality.
Coinbase wants to unlock Doge trading
In addition to the support from Elon Musk on Twitter, Dogecoin can also look forward to more substantial messages. Because according to consistent media reports from the USA, Coinbase, the country’s largest crypto exchange, is planning to include Doge on its platform. CEO Brian Armstrong is said to have announced this in a virtual conference on Tuesday. The reason given was that due to the increased transaction volume, Coinbase was losing potential customers, as they registered with other exchanges to trade Dogecoin. They want to change that now. Accordingly, the integration should be completed in the next six to eight weeks. By then, at the latest, Doge should be catapulted back into new spheres.
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