![]() Musk clarified his comments Thursday, tweeting “I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal. Bitcoin declined from about $54,500 a coin to less than $50,000 in the 24 hours after Musk’s announcement of Tesla’s move. As of Thursday night, dogecoin was up 20% since Musk’s tweet, to about 47 cents, according to Kraken data. DOGE surged to as much as 0.14 at writing time. Immediately after Musk’s tweet Thursday, dogecoin prices jumped from less than 43 cents apiece to more than 50 cents. Dogecoin (DOGE) surged by 9 in the past hour following reports of Elon Musk being close to purchasing the entirety of Twitter at 54.20 a share. ![]() The crypto has seen a stunning increase, however, since Musk adopted it as a meme and began tweeting about it earlier this year, including strong gains last week before the billionaire’s guest-hosting appearance on “Saturday Night Live.” While bitcoin has been seen as a potential payments option since its inception, dogecoin was largely conceived as a joke. Musk did say that Tesla would not sell any of the bitcoin owned by Tesla currently, and would use it again “as soon as mining transitions to more sustainable energy.” In the meantime, he said Tesla will look at other cyrptocurrencies that use less energy to mine. “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,” he tweeted Wednesday. ![]() See also: Dogecoin is coming to crypto platform Coinbase in 2 months, says CEO ![]() Purchase of $1.5 billion in bitcoin and acceptance of the cryptocurrency as a payment option was seen at the time as a sign of growing institutional acceptance of crypto. 2.07% took a large hit in the wake of Wednesday’s announcement. Prices immediately shot higher, after bitcoin ![]()
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