San Francisco: Soon after putting a stop to the most popular cryptocurrency out there, Bitcoin, as a payment mode to buy Tesla vehicles, company CEO Elon Musk has now said that he might create his own cryptocurrency in the coming future. A Twitter user asked the Tesla head why is he not creating his own cryptocurrency to which Musk replied if Dogecoin can’t do it, he just might. “Why not just make a crypto from scratch that does everything you want technically and has a lot of dev support and doesn’t have high concentration of ownership at least initially?” a user asked Musk on Saturday. “Only if Doge can’t do it. Big pain in the neck to create another one,” Musk replied.Also Read - Bitcoin, Other Cryptocurrencies Could Cause Next Financial Crash; Details Here
Musk recently announced not to use Bitcoin as a payment mode to buy its electric vehicles, citing environmental harm. Musk said that the electric car maker will not sell any bitcoin and intends to use bitcoin for transactions as soon as mining moves to more sustainable energy. “We are also looking at other cryptocurrencies that use <1 per cent of bitcoin’s energy/transaction,” Musk said in a tweet. Bitcoin nosedived more than 11 per cent after the tweet and was trading at nearly $50,000. The company had only just started accepting Bitcoin in late March. Musk also said that Tesla will no longer sell any more of the $1.5 billion Bitcoins it purchased earlier this year. Also Read - Mukesh Ambani Joins Bezos, Musk in Worlds Exclusive 100 Billion Club | Full List of Billionaires Here
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Musk who also hosted the Saturday Night Live show on TV last weekend promoted Dogecoin which is the fourth-largest cryptocurrency by market value. Amid the surge in Bitcoin and Ether cryptocurrencies, Dogecoin has surged more than 659 per cent this year. However, it has a long way to go.
(With inputs from IANS)