Technology

Elon Musk backs Dogecoin again


Elon Musk’s start-up The Boring Company recently announced that it will accept payment in Dogecoin for the Loop tunnel system in Las Vegas.

This is considered the billionaire’s latest move to support the memecoin. “As long as there is a chance, I will support Dogecoin fully,” Tesla CEO shared on his personal Twitter page.

Elon Musk is an avid Dogecoin supporter, and believes that the memecoin could become a widely used currency in the future. Meanwhile, he is not interested in Bitcoin and thinks that this currency is just a store of wealth. “Bitcoin only gives power to the rich. That’s why I support Dogecoin,” the billionaire wrote.

The South African-born billionaire started mentioning this coin in 2019 and regularly posts promoting it. He also said that he is accumulating Dogecoin. Specifically, back in June, a Twitter account asked if Musk still owns Dogecoin. “I still have it,” he said. Dogecoin has increased by more than 20% in value after Tesla CEO’s answer.

The Tesla CEO has repeatedly praised Dogecoin, saying that it is the cryptocurrency that does the best job of paying for goods and is the “future of money”. Image: BTC-echo.

Even, in May, Musk said Tesla and SpaceX may be making some goods that can be bought with Dogecoin. “Some Tesla items can be paid for with Dogecoin. The same will happen with SpaceX soon,” Tesla CEO Elon Musk shared on his personal Twitter page. As soon as this information was published, the price of Dogecoin jumped 24% up 0.195 USD/copper.

However, the billionaire has become a “thorn” in the eyes of many cryptocurrency investors when he constantly manipulates the price of memecoin. He was also accused of creating a multi-level model to trick many people into investing in Dogecoin and being asked for compensation 258 billion USD. The plaintiff also asked Elon Musk and his two companies to stop advertising activities related to Dogecoin.

“Dogecoin is not a currency, a stock or a stock. It was simply a scam, where ignorant people were tricked into buying coins at unrealistic prices,” the court filing reads. Even Dogecoin co-founder Jackson Palmer called Musk a “money cheater”.

Follow CoinMarketCap, Dogecoin is currently the 10th largest cryptocurrency by market capitalization. This memecoin was originally created based on a joke about a Shiba dog that has been widely circulated on social networks since 2013 but has received a lot of criticism.

Co-founder Jackson Palmer, after leaving the project, has confirmed he will never return to this memecoin. In 2021, the value of Dogecoin has dropped by 4,000% from its peak, and at the same time, it has decreased by 70% in the past 12 months.

Follow CNNthis new form of payment will appear at the first Loop station at the Las Vegas Convention Center, then expanded.

Currently, Loop system trips are still free for passengers to experience. But if there is a fee later, users will have to scan a QR code in front of Resorts World station to buy tickets. In addition to Dogecoin, they can also use cash or pay by bank card.

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