Elon Musk, the billionaire founder of Tesla Inc., says he will only go on to create his own cryptocurrency if dogecoin, the cryptocurrency which started out as a joke, cannot do what he wants.
Musk has been blamed for multiple movements in the crypto market, following his company’s decision to buy $1.5 billion worth of bitcoin earlier in 2021.
The billionaire, who calls himself the “dogefather” for supporting dogecoin, has called out bitcoin for contributing to the increasing use of fossil fuel and the consequences for the environment
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” Musk said in a fresh tweet. But his follow-up tweet could not uphold the price of bitcoin as the cryptocurrency dropped about 5 percent in few minutes after Musk’s announcement.
MUSK WILL CREATE HIS OWN CRYPTO?
Immediately after Tesla’s announcement, Musk came under fire for his position on cryptocurrency. In his response, the former “co-founder” of the global payment platform Paypal said he knows more about money than experts think.
In 1999, Musk founded an online bank, which merged with another company to become Paypal. He sold Paypal to eBay for $1.5 billion in 2002.
Musk was asked if he would start his own crypto to do all he wants, but he responded in favour of dogecoin.
Musk’s tweets have left the crypto market globally with mixed signals — dogecoin has seen some gain, while bitcoin has continued on a downward spiral, sinking below $46,000 as of Monday morning.
The Tesla boss has repeatedly said he wants a coin with very low transaction fees and great energy efficiency.