When Tesla added Bitcoin to its budget earlier this year, CEO Elon Musk became an instant hero in the world of cryptocurrencies. Then he began tweeting about Dogecoin — a whole thing spoof — and he began to go from hero to troll. Then last week, Tesla revealed that Bitcoin will no longer be accepted as a payment because it consumes energy to complete the heel transform.
Second, Tesla CEO Elon Musk has taken it upon himself to address pro-Bitcoin claims by bringing up environmental concerns about Bitcoin mining.
?— Elon Musk (@elonmusk) May 16, 2021
Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.— Elon Musk (@elonmusk) May 16, 2021
Bitcoin fell below $45,000 on Monday after Tesla CEO Elon Musk, a proponent of cryptocurrencies, tweeted that the company was considering or had sold off its bitcoin holdings.
Elon Musk has hinted that he could create his own cryptocurrency in the not-too-distant future. However, there is a catch. Musk responded on Saturday to a Twitter user who asked why he wasn’t launching his own cryptocurrency that could do whatever he wanted technically, saying that if Dogecoin couldn’t, he could.
“Why not just make a crypto from scratch that does everything you want technically and has a lot of dev support and doesn’t have high concentration of ownership at least initially?” the user asked.
Only if Doge can’t do it. Big pain in the neck to create another one.— Elon Musk (@elonmusk) May 16, 2021
Earlier last week, Musk highlighted the environmental harm of continuing use of energy-intensive cryptos like Bitcoin- a cryptocurrency that the SpaceX CEO had backed earlier.
Musk also announced that he has been collaborating with the Dogecoin developers to improve the energy efficiency of system transactions. Dogecoin is a meme-crypto with the face of a Shiba Inu.