Friday, July 19, 2024

Bitcoin’s Tesla Misfortune May Be Dogecoin’s Gain

On the heels of Tesla no longer accepting Bitcoin as payment, Elon Musk has said he is working with Dogecoin’s developers.

Elon Musk surprised the crypto market Wednesday when he announced Tesla would no longer accept Bitcoin as payment, just weeks after the company had announced it would. Musk cited Bitcoin mining’s carbon footprint as the reason, something the cryptocurrency is increasingly being criticized for.

Despite Musk’s announcement, he clarified he is still a strong supporter of cryptocurrencies in general.

In addition, Musk says he is working with Dogecoin’s developers to help it be more efficient, possibly avoiding the environmental impact Bitcoin has become known for.

Needless to say, Dogecoin rebounded on Musk’s tweet, and continues its transition from meme to legitimate crypto.

*Author holds a very small amount of Dogecoin that in no way influenced this article.

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