Musk said Tesla was looking at other cryptocurrencies that use 1 percent of Bicoin’s energy/transition. This was contradictory to what Tesla said a few months ago. In February, Tesla had revealed it had bought Bitcoin worth $1.5 billion. It had said it ‘would soon’ accept it as a form of payment for cars. That statement had sent Bitcoin shooting higher, sparking heavy trading in cryptocurrencies and caused exchanges like Coinbase, Gemini, Binance to experience technical issues.
On May 16, it appeared from his tweets that Musk favoured Dogecoin over other cryptocurrencies. He tweeted: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down,” he said on Twitter.
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