Tesla to replace Bitcoin with Dogecoin as Coinbase lists the meme-based cryptocurrency
Elon Musk surely is dominating the crypto scene with his Twitter activity as of late.
Just a day after Musk informed the world that Tesla would not be accepting Bitcoin for payment of its electric vehicles, he is now hinting that perhaps DOGE will replace the top cryptocurrency for transactions.
According to Musk’s latest tweet, he is working with Dogecoin’s developers to ‘improve efficiency’.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Unsurprisingly, Musk’s words immediately sent DOGE coin surging over 25% and is currently trading at $0.52. Doge is now the 4th largest cryptocurrency with a market cap of $67 billion according to CoinMarketCap.
The ‘Dogefather’ can be regarded as ‘volatile as crypto’. Not only did he have a change of heart recently on Bitcoin’s power to drive green energy, this Saturday during his appearance on Saturday Night Live he referred to Dogecoin as a “hustle.”
Coinciding with Musk’s tweet was the news that Coinbase is looking to offer Dogecoin to its customers within six to eight weeks. Speaking in their Q1 earnings call, Coinbase Chief Executive Officer Brian Armstrong made the announcement.
Appearing on CNBC’s Mad Money on May 13 to further discuss its 2021 Q1 earnings, Coinbase Chief Financial Officer, Alesia Haas, commented on Dogecoin. Hass was asked “Should investors take Dogecoin seriously?” with the CFO answering that this would be up to its investors:
“We are a platform. We want to offer all assets that meet our listing standards and we hope to be the place where you can come and trade anything that you want to trade.”
Haas further spoke about services enabled by crypto assets such as staking and governance, adding:
“I think that crypto will enable new transactions that we can’t even envision today.”
While the exchange posted a strong first quarter for the year, tripling its Q4 2020 earnings, Coinbase’s shares are down roughly 30% since its direct listing on April 14, trading at around $265 a share.
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