Home Business NewsBusiness Elon Musk is working on developing Dogecoin – here’s how that affected the bitcoin market

Elon Musk is working on developing Dogecoin – here’s how that affected the bitcoin market

by LLB Editor
14th May 21 11:01 am

Tesla boss Elon Musk has said that he has engaged with “Doge devs to improve system transaction efficiency”.

It comes after Musk’s backtracked on using Bitcoin to pay for Tesla cars has hit the cryptocurrency market. It is down 1.3 per cent overall, according to CoinMarketCap.

David Sneyd, Vice President in BMO Global Asset Management’s Responsible Investment team, said: “Bitcoin has generated plenty of headlines owing to its volatile nature. Earlier this year, the cryptocurrency gained increased attention thanks to Tesla’s purchase of $1.5 billion worth of the stock. But then the focus turned to its significant energy use, with recent reports showing that Bitcoin mining consumes more energy than entire countries.

“Now Tesla has generated fresh headlines about the currency, with Elon Musk declaring that the company has suspended the use of Bitcoin to purchase its vehicles, owing to the currency’s fossil fuel use. For those who wish to invest responsibly with environmental, social and governance (ESG) considerations at the forefront, is this technology suitable?”

 

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