Altcoins

Why Does Elon Musk Support Dogecoin?

Controversial billionaire and CEO of Tesla, Elon Musk, has caused Dogecoin’s price to surge following a recent tweet. Musk urged fast-food giant McDonald’s to accept Doge as a payment method. In return, the billionaire promised to eat a kids’ meal on live television. 

Musk tweeted, “I will eat a happy meal on tv if @McDonalds accepts Dogecoin.” His tweet immediately affected the meme coin as it surged a whopping 8%  to $0.1445, based on data from CoinMarketCap. Dogecoin is valued as the 10th most valuable cryptocurrency and is worth about $18 billion. However, recent weeks have not been so green for it, but thanks to Musk, it’s witnessing a resurrection.

Musk’s tweet was inspired by a tweet from McDonald’s, which was a pointer to their interest in the crypto space.  The fast-food giant wrote on its Twitter, how are you doing people who run crypto Twitter accounts.” The tweet came amidst a Monday sharp sell-off in the crypto market. 

During instances of downward volatility, the crypto community routinely jokes about flipping burgers at McDonald’s. As bitcoin fell below $40,000 over the weekend, El Salvador’s president, Nayib Bukele, tweeted a photoshopped image of himself in a McDonald’s uniform. All this spiked the fast-food restaurant’s interest in crypto.

Hoskinson and McDonald’s

The recent tweets captured the attention of 

Cardano founder Charles Hoskinson. Hoskinson said he was happy about McDonald’s tweet.  As a result, the official Twitter account of McDonald’s followed Charles Hoskinson. A relationship seems to be brewing. 

Why Doge?

The question on everyone’s lips is why has Musk chosen to share his affection with Dogecoin more than other cryptocurrencies. This would not be the first time the Tesla frontman has advocated a wider adoption for Doge. 

Musk isn’t just asking for Doge to be used as a means of payment; his car company Tesla accepts dogecoin as a form of payment for some of its products. Also, it temporarily accepted bitcoin as payment for some products last year, but Musk’s bias lies with Dogecoin.

Some time ago, the billionaire issued a call for developers to post ideas for dogecoin upgrades and improvements on Reddit and GitHub. Musk has consistently chosen the meme-based cryptocurrency as his favored digital asset in recent years, having eagerly accepted the honorary title of dogecoin CEO following a 2019 Twitter poll.

Several fans and crypto users quizzed the billionaire on why he supports Dogecoin; Musk responded on Twitter: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”

Despite his advocacy for Dogecoin, Musk maintains that true financial value is obtained from delivering services to humans.

Tesla to accept Dogecoin?

While cryptocurrencies are soaring high with new functionalities, altcoins are not far behind. Altcoin Dogecoin has especially been in the news these last few days. Dogecoin, which is a meme-inspired altcoin, has seen a sudden surge in popularity. This popularity is significantly contributed by Elon Musk, a man with several credentials to his name. 

There are several factors in action here that are making the Dogecoin talk of the crypto coin. From Elon Musk and other digital top-league influencers to SpaceX being paid in full in Dogecoin for its next payload mission, Dogecoin has seen quite a rush. 

Tweets from Mark Cuban and Elon Musk

Recently Mark Cuban and Elon Musk tweeted about Dogecoin that boosted its popularity and price by 20% in a day. Little did we know this tweet was just a pretext to what Elon Musk was actually planning about his companies and Dogecoin. 

Apart from Elon Musk, Mark Cuban and Vlad Tenev also tweeted about altcoin, which significantly contributed to its popularity gain. 

Elon Musk plans to put Dogecoin on Moon

Soon after the first tweet, Elon Musk put another tweet on April 1st hinting at SpaceX’s plan to put ‘literal Dogecoin on the literal moon’. 

However, the buzz died quickly as we did not see any follow-up since the tweet until May 10th, when he announced that SpaceX would be paid in full using Dogecoin for its next payload mission. This tweet was widely appreciated all over the crypto community as it marks the worldwide involvement and acceptance of cryptocurrencies in the economic sector. 

Dogecoin to be included in Tesla?

After SpaceX, Elon Musk hints at a collaboration between Tesla and Dogecoin with his latest poll on Twitter. Today, he tweeted a poll asking, “Do you want Tesla to accept Doge?”

 

This tweet instantly became viral, with over 76% of people voting yes.

Does this mean that Tesla will soon include Dogecoin in its everyday transactions and financial services? Well, we cannot say anything for sure, but seeing the subtle but exponential involvement of Dogecoin and Elon Musk, it might be safe to say that Tesla and Elon Musk have something exciting for us in the store. 

SpaceX CEO Elon Musk Gives Brutal Thoughts on Cryptocurrency Wallets

On Wednesday, tech billionaire Elon Musk issued short shrift to Freewallet. The Tesla CEO wasn’t too impressed with cryptocurrency wallet provider using Musk’s tweet to promote its services. 

A news post on cryptoglobe stated that Elon Musk fought back at Freewallet after tweeting about his favorite bitcoin, DOGE. The Tesla CEO and billionaire said that the app sucks. Elon Musk added that users must be cautious about using crypto-wallets.

Musk feels that these crypto wallets do not provide them with access to their private keys. The SpaceX CEO followed the tweet with Chuck Norris image of claiming the actor can take away his bitcoin.

Elon Musk had tweeted Chuck Norris’s picture with a thumbs up, saying this is true power. 

Elon Musk refers to Mt. Gox in the tweet to reference to the unfortunate hack where more than 70000 users had their bitcoin taken away. It amounted to nearly $450 million. Security experts in the cryptocurrency claim to store holdings in secure wallets without third-party providers.

Musk also tweeted that he was having a lot of trouble accessing the app. Hence he tweeted that the app sucks. Elon Musk, the founder of SpaceX, wanted to make his views and thoughts on crypto wallets very clear. 

Musk pointed out that bitcoin influencer Andreas M. Antonopoulos has warned on the importance of investors using private keys for their wallets. Over the last month, Musk has said that his tweets should not be taken seriously. 

The Tesla CEO finds DOGE exciting concept and firmly believes that Dogecoin has the potential of becoming the future currency of earth. Elon Musk, over the last month, Elon Musk has been actively promoting DOGE, which is his favorite cryptocurrency. 

Last week, the SpaceX founder even changed his Twitter bio to bitcoin, causing a frenzy in the market. On Monday, the carmaker Tesla astounded the world, saying that they have purchased $1.5 billion in BTC. 

Today, the cryptocurrency is hovering close to the $50000 mark, courtesy of that. For now, this is a clear indication that the tech billionaire is not a fan of cryptocurrency wallets. 

Elon Musk Doubles Down Support for Bitcoin, Stating Broader Adoption is Due

Elon Musk, one of the world’s richest men, has always been a supporter of Bitcoin. Musk has never denied that. 

A news publication on ambcrypto claimed that Elon Musk has doubled down his support for Bitcoin. A few days earlier, Musk, who is also the CEO of Tesla, placed a picture of Bitcoin on his Twitter bio, leading to a massive surge in the digital asset. 

Investors and traders take Musk’s word for Bitcoin and work along the way. Now, as the market is slowly coming back to normal, the world’s richest man said that it would see broader adoption in the traditional finance world.

Latestcrypto.news provides you with the latest cryptocurrency news had this to tweet on Elon Musk, doubling down his support for Bitcoin. 

The Tesla CEO had said that he did not mind being paid in bitcoin. This was in reply to Ben Mezrich, who is the author behind the movie, The Social Network tweeted that he is never turning down an offer of somebody paying him in bitcoin. 

To that, Musk had replied, “Me neither.”

During an interview on the Clubhouse app, the Tesla CEO clarified that he feels Bitcoin is a good thing, and he supports it. Last year in 2020, many organizations and firms in America and other countries added bitcoin to their portfolios as a payment method. 

Jack Dorsey, the CEO of Twitter, has always been an admirer of Bitcoin. It came as no surprise when Square, his digital payments firm, invested close to $50 million last year. On Monday, the BTC was trading at $34,210.

The billionaire and Tesla CEO did express his surprise with DOGE. Musk always felt that the cryptocurrency, which began as a joke, is definitely one of the most ironic thing to have happened to the market and has a strong future.

According to Cointelegraph, the Bitcoin price is going slightly weak after getting pumped by Musk at $38,000 on Friday. Investors are monitoring a technical resistance at $34,500 that should be broken to avoid a downside in the short term.

Elon Musk of Tesla and Dogecoin launches astronauts into the orbit

We all know Elon Musk as a technology leader and a tech aficionado. But he also seems to have an indirect connection with the crypto industry. On May 30th he had sent two humans into orbit in the world’s first private manned spacecraft. The launch is touted to be the first for a private company and not a national government. After 2011 it is also the first time since astronauts have taken off from the US soil. 

Elon Musk as we know him as the CEO of the futuristic car company Tesla has used disruptive technology and invaded the rocket technology market by establishing and heading the venture SpaceX. He has also proven the value of his ventures by achieving a high turnaround time for interstellar launches. On May 30th SpaceX had launched two NASA on the Crew Dragon Ship that has been fuelled by Flacon 9 Launch vehicle. 

In the history of Space travel, this is the first by a private company and in its 18-year existence, the trip has been planned the first time by the company. The mission delayed by three days as it was supposed to be launched on 27th May. It was advanced by a good three days because of weather conditions. 

On the crypto front, Elon Musk currently is not involved directly but owns 0.25 Bitcoin. He also had some positive perspectives on Dogecoin (DOGE) and has always made it clear that in the future Dogecoin will be a choice for his asset investment consideration. In fact, he would rank it beyond any other asset. In fact in one of the Twitter polls jokingly proclaims Elon Musk as the best CEO candidate for this asset of which he already is.

As for the SpaceX launch of the astronauts into orbit, this surely marks a path-breaking milestone for those private companies who intend to do so in the future.

Image Source – Techcrunch