Elon musk and cryptocurrency
It is not the first time that Musk came out with an endorsement for Dogecoin in fact on January 14, he had announced that Tesla would be offering some of its merchandise to be purchased using Dogecoin. The trending exchange has renewed discussions on whether cryptocurrency would be the next medium of exchange in commerce. Other companies like the retail giant Walmart are also working towards creating their cryptocurrency. Simply put cryptocurrencies like Bitcoin, Ethereum and Dogecoin are digital or virtual currencies that are secured by blockchain technology. The fact that they are encrypted makes them nearly impossible to counterfeit or double-spend and are distributed digitally across a large number of computers.
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- Elon Musk says he's invested in bitcoin and wants to 'see it succeed'
- Elon Musk Just Tanked His Second Cryptocurrency in a Week
- How tweets by Tesla's Elon Musk have moved markets
- Bitcoin, Doge, Shiba Inu slide; Elon Musk predicts official currency of Mars
- ELON MUSK ON BITCOIN
- "Exactly": Elon Musk's One-Word Advice For All Cryptocurrency Investors
- Why Elon Musk's bitcoin U-turn caused a crypto crash
Elon Musk says he's invested in bitcoin and wants to 'see it succeed'
The bitcoin and cryptocurrency community has this week been locked in a blazing row over the development of web3 —the idea a decentralized crypto and blockchain-based version of the internet could replace the Silicon Valley-centric web 2. The bitcoin price has climbed this week, helped by former Twitter TWTR chief executive Jack Dorsey who trashed the ethereum-based web3 vision and made a bold bitcoin prediction.
Now, Tesla TSLA billionaire Elon Musk, who's this year called for dogecoin developers to upgrade the meme-based cryptocurrency in order to better compete with bitcoin and ethereum , has weighed in on the web3 row— revealing why he's "pro doge. Sign up now for the free CryptoCodex —A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday. Tesla billionaire Elon Musk has this year adopted bitcoin rival dogecoin as something of a pet New research has recently revealed that just 0.
However, Musk has appeared to somewhat sour on bitcoin over the last six months, partly due to its high energy demands.
Musk has this year repeatedly backed dogecoin over bitcoin other cryptocurrencies , claiming that if it is able to speed up transaction times and reduce fees it will be able to beat bitcoin "hands down.
The dogecoin price has, however, fallen steadily since peaking in May on the back of a Musk-fueled hype rally. Ethereum, helped by excitement over its potential to power the nascent web3 and the hype surrounding ethereum-based NFTs non-fungible tokens , has also soared this last year , climbing at a faster clip than bitcoin as venture capitalist VC companies and investors rush to fund ethereum-based projects.
CryptoCodex —A free, daily newsletter for the crypto-curious. Such corporate support has, however, put off Dorsey, who fears web3 will merely shift the current status quo sideways. Just look at the fundamentals. Dorsey—who left Twitter to begin working full time at his payments company Block, which includes Square SQ and Cash App—has this week heavily criticized what he sees as the investor-led development of web3 which is largely built on ethereum and other VC-backed blockchains.
Dorsey has clashed with well-known crypto investors and influencers this week, including former Coinbase chief technology officer Balaji Srinivasan and general partner at the venture capital firm Andreessen Horowitz Chris Dixon.
Dorsey has been a bitcoin believer for years , often talking up bitcoin's prospects in interviews and rolling out bitcoin-based services at both Twitter and Square.
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Elon Musk Just Tanked His Second Cryptocurrency in a Week
Billionaire and long time crypto enthusiast Elon Musk expressed his annoyance over a new Twitter feature that lets premium users flaunt their non-fungible token NFT purchases as their profile picture. Musk added that the social media giant is not spending its resources well. Twitter launched a new feature last week for some users allowing them to display their NFT purchases — a token representing purchases made on blockchain — in the form of a hexagonal shaped profile picture and not the usual circle shaped picture — in select countries such as the US and Canada. Musk, who is generally a big supporter of cryptocurrencies, including the meme-based DogeCoin, expressed his annoyance with the Web3 world pointing out that resources should instead be spent on avoiding crypto-related spams that are prevalent on social media. To be clear, Tesla Inc and SpaceX CEO Elon Musk had earlier said he will accept Bitcoin as payments for selling Tesla cars, but later reversed his decision, citing environmental concerns relating to the crypto asset. Later in December, he said Tesla will allow customers to purchase some merchandise using another crypto asset, Dogecoin. His view was also echoed by others including Michael Saylor, the chief executive of another US listed firm MicroStrategy, who suggested that Twitter can solve the problem of scammers and spambots by allowing users to purchase a verified Twitter account with cryptocurrency.
How tweets by Tesla's Elon Musk have moved markets
Tesla, Inc. The irrepressible entrepreneur, whose tweets are blamed for crashing the price of Bitcoin BTCUSD earlier this year, again moved prices in cryptocurrency markets yesterday. At the B Word conference, Musk disclosed that his private space exploration company SpaceX owned Bitcoin and held out the prospect of Tesla allowing customers to resume purchases of its cars using the cryptocurrency. Investors, weary of a selloff in crypto markets the previous day, bid up prices for all three coins. The price of Ethereum also spiked by 6. Musk's boost to cryptocurrency markets was a relief to investors. During yesterday's discussion, Musk said that Bitcoin has "a lot of potential. The base layer of Bitcoin consists of its blockchain , which is slow at processing transactions and will only ever mine 21 million Bitcoin.
Bitcoin, Doge, Shiba Inu slide; Elon Musk predicts official currency of Mars
ELON MUSK ON BITCOIN
Musk has been a figurehead in the crypto space for a while with his outlandish tweets — but what crypto does he actually own? Outside of aerospace and electric cars, Elon Musk has become a prominent figure in the cryptocurrency space. Due to his past at PayPal, he had always been interested in payment systems and their evolution. He could perceive the decentralization of cryptocurrencies as one of the objectives that PayPal was once trying to achieve, all while recognizing that regulation in the space is equally necessary. All his Doge tweeting has always suggested he owns the meme coin, which he publicly confirmed multiple times too. What other cryptocurrency does he hold?
"Exactly": Elon Musk's One-Word Advice For All Cryptocurrency Investors
John Hawkins does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. The announcement led to a flurry of enthusiasm and a quick surge in price for the controversial cryptocurrency. This price bump has been good news for Musk in the short term. But can the enthusiasm be sustained? I think there is a good chance that over the next year the price of Bitcoin will drop towards its fundamental value, which is nothing. If they wanted to be exposed to the rise and fall of Bitcoin they could just buy some themselves.
Why Elon Musk's bitcoin U-turn caused a crypto crash
A few times throughout , the price of an altcoin called shiba inu appeared to jump after Musk repeatedly posted images of his shiba inu puppy on Twitter. But on Sunday, Musk clarified that he doesn't own any shiba inu coins and that he only owns bitcoin, ether and dogecoin. Musk also confirmed that he owns bitcoin, ether and dogecoin in July during "The B-Word" conference.
Big-name companies suffered, with Peloton falling below its IPO price and Netflix suffering its steepest drop in a decade. Stocks in chipmakers also struggled. This is also the fourth successive weekly drop for the index, the longest decline in nine months. The prospect of interest rate hikes by the Federal Reserve is on the cards with a meeting planned for Tuesday and Wednesday this week. Turbulence in the markets is expected to continue into the new week with several major earnings reports due including Apple, Microsoft, IBM, Intel, and Tesla.
He's invested in it, along with bitcoin and ether, he said in October. But to Musk, dogecoin has an advantage over bitcoin and other cryptocurrencies: He sees dogecoin as the best cryptocurrency to transact with. Musk added that bitcoin is more suitable as a store of value, which is why its investors want to hold onto it and not sell it or use it for transactions. Dogecoin, on the other hand, is a currency that "encourages people to spend, rather than sort of hoard as a store of value," he said. However, while bitcoin supporters would agree that the asset is a store of value , they'd also argue that it's designed to be a sound peer-to-peer financial system and could be used for transactions, citing situations like El Salvador making bitcoin legal tender.
Dogecoin's value shot up about 6. Musk has been a longtime champion of the cryptocurrency, tweeting, "Dogecoin is the people's crypto," last February. Dogecoin started as a spoof coin featuring the face of a Shiba Inu and has steadily risen in value, reaching over ten cents in April of Dogecoin was inspired by the popular Doge meme of a Shiba Inu staring sideways at the camera with raised eyebrows, according to the website Know Your Meme.