Elon Musk Says He’s Working With Dogecoin Developers To Improve Transaction Efficiency

The Tesla CEO did a Bitcoin U-turn, said the company was suspending vehicle purchases using the cryptocurrency.

By Edited by Gadgets 360 Newsdesk | Updated: 15 May 2021 12:14 IST

Elon Musk Says He’s Working With Dogecoin Developers To Improve Transaction Efficiency

Elon Musk has been a steady supporter of Dogecoin

Highlights

Musk recently said Tesla won't accept Bitcoins for payment
Musk cited environmental concerns for the move
Musk “concerned” about the rapidly increasing use of fossil fuels

Elon Musk has shown again he can influence the digital currency market with just his tweets. After saying that his electric vehicle-making company Tesla will not accept payments in Bitcoin because of environmental concerns, he tweeted that he was working with developers of Dogecoin to improve system transaction efficiency. Following the two distinct statements from him, the world's largest cryptocurrency hit a two-month low, while Dogecoin rallied by about 20 percent. The SpaceX CEO has in recent months often tweeted in support of Dogecoin, but rarely for Bitcoin.

In a recent tweet, Musk put out a statement from Tesla that it was “concerned” about the rapidly increasing use of fossil fuels for Bitcoin (price in India) mining and transaction, and hence was suspending vehicle purchases using the cryptocurrency.

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021

A day later he again tweeted saying, “To be clear, I strongly believe in crypto, but it can't drive a massive increase in fossil fuel use, especially coal”.

It triggered a downward spiral for Bitcoin value but the cryptocurrency has stabilised since.

Elon Musk's Bitcoin Turnaround Pleases Some Tesla Investors

To be clear, I strongly believe in crypto, but it can't drive a massive increase in fossil fuel use, especially coal
— Elon Musk (@elonmusk) May 13, 2021

And now he has said he was working with Dogecoin (price in India) developers to improve “system transaction efficiency” and added that the currency has potential.

Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021

A number of Twitter users welcomed Musk's statement. One of them said it's time people started realising that Dogecoin “is here to stay” and another referred to Musk's previous assertion that crypto could become the world's future currency.

It is time that people stop saying DOGE is a joke and start saying it WAS a joke. It is real and it is here to stay!
— Kelly & Kody (@positravelty) May 14, 2021

#DOGECOIN IS THE FUTURE CRYPTOCURRENCY OF EARTH!!!
— Matt Wallace ⚠️ (@MattWallace888) May 13, 2021

It's happening ????????????????$DOGE the payment system.
— David Gokhshtein (@davidgokhshtein) May 13, 2021

However, Twitter user @JeffTutorials also asked him to stop “manipulating” crypto markets and he was supported by a few others.

How about you stop manipulating the crypto markets?
— Jeff ????✌️ (@JeffTutorials) May 13, 2021

This only shows how crypto cannot be trusted, if one person can influence a currency this much, what's its actual worth?
— Michael DeLarge (@DelargeMichael) May 13, 2021

Time and again, Musk's tweets have influenced the value of Bitcoin as well as Dogecoin. While in February, a series of tweets by Musk, hailing Dogecoin, took the value of the meme-based cryptocurrency to wild levels. In March, the value of Bitcoin rose to a then all-time high of $60,000 (roughly Rs. 43 lakhs) after he announced that Tesla would accept the cryptocurrency as a mode of payment.

Why Does Bitcoin Mining Consume 'Insane' Energy?

What is the best phone under Rs. 30,000 in India right now? We discussed this on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.