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FOX Business’s Stuart Varney believes Tesla is buying $ 1.5 billion worth of bitcoin and accepting it as payment for cars.
Tesla CEO Elon Musk said on Wednesday he bought Dogecoin, a trendy cryptocurrency, for his baby “so that he can be a toddler.”
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| TSLA | TESLA INC. | 804.82 | -44.64 | -5.26% |
Musk has been a supporter of the cryptocurrency, which was created as a joke in 2013 based on a popular internet meme, but has switched to the 10th virtual currency in recent days, according to data from CoinMarketCap.com.
ELON MUSK’S DOGECOIN TWEETING HAS BELIEVERS BEGINNING FOR MORE
“I bought Dogecoin for Lil X, so he could be a toddler,” Musk tweeted Wednesday.
Musk tweeted a poll last week that received 2.4 million responses asking users if “Earth’s future currency” would be Dogecoin or “all other cryptocurrencies combined.” Over 70% of respondents have chosen Dogecoin.
“People have spoken”, Musk said once the investigation is complete.
The billionaire has tweeted about Dogecoin before, including a tweet from 2019 in which he called it his ‘favorite cryptocurrency’. Musk has also expressed interest in other cryptocurrencies, including bitcoin. Tesla said in an SEC filing on Monday that the company had invested $ 1.5 billion in bitcoin and would start accepting it as a method of payment.
After Elon Musk added #bitcoin to his Twitter bio, the price of the cryptocurrency briefly jumped around 20% on February 5.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| BTC | n / A | n / A | n / A | n / A |
“At this point, I think bitcoin is a good thing, and I’m a bitcoin supporter,” Musk said in a live interview on the popular Club House audio chat app on Sunday. “Many friends of mine have tried to convince me to get involved in bitcoin for a long time.”
ELON MUSK BACKS BITCOIN, TALKS ABOUT THE FUTURE OF CRYPTO
Musk added, “I think bitcoin is really on the cusp of being widely accepted by mainstream finance people.”
The founder of SpaceX explained that a friend gave him a piece of “bitcoin pie” in 2013.
Billionaire investor Mark Cuban also shared a statement on Monday saying he also bought the cryptocurrency for his son.
DOGECOIN QUICKLY BECOMES THE CRYPTOCURRENCE OF THE STARS
“Dogecoin is less than a dime. You can buy [$1.00] is where [$10.00 worth and] have fun looking at it all day every day, ”he said in response to a question about whether investing in Dogecoin is a“ bad look ”.
Dallas Mavericks owner Mark Cuban stands on stage ahead of an NBA basketball press conference in Dallas. (AP Photo / Ron Jenkins, file)
He continued, “I bought a few dollars for my son and we watch him and discuss all of his price movements when they happen. It’s fun, it’s exciting and educational for him. Some of his friends ‘are also put there. “
Cuban then clarified that while Dogecoin does not have “intrinsic value” it “gives you a better chance of winning than a lottery ticket” while teaching the economics of supply and demand and introducing people with crypto assets “.
GAMESTOP VOLATILITY USERS IN A RECORD COMPANY FOR THE CRYPTO PLATFORM
The cryptocurrency’s market capitalization doubled last week to more than $ 9.5 billion, according to CoinMarketCap.
The praise for the cryptocurrency from Musk and other celebrities comes about two weeks after a group of Reddit users banded together and urged people to press short sellers by investing in shares of companies in decline, especially GameStop; AMC; Bed, bath and beyond; and Blackberry, causing an unexpected increase in their stocks.
The event opened a discussion on how amateur investors can influence the market and how the rules of day trading could be reformed.
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Lucas Manfredi of FOX Business contributed to this report.
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