Elon Musk says Dogecoin has the potential to be a currency as his Twitter deal has been put on hold. It’s not the first time he is saying this, and it is just a reaffirmation of his previous statements. Elon has always said Dogecoin could become people’s currency if a few fundamental problems of the crypto is addressed. This includes the block size, transaction cost, transaction speed, and more.
Elon’s belief in Dogecoin
After showing his interest in buying Twitter, Elon said he plans to use Doge to solve Twitter’s spam bot problem. Mark Cuban shared the idea for the same on Twitter, where he proposed putting up 1 Dogecoin to use Twitter and spammers losing it if voted that their posts are indeed spam. In that case, they will need to post 100 times more Dogecoin than the previous time to keep using the platform.
It has potential as a currency
— Elon Musk (@elonmusk) May 12, 2022
This time Billy Markus, one of the founders of Dogecoin, posted on Twitter that “the reason I like Dogecoin is because it knows it is stupid.” Elon replied to the tweet saying, “It has potential as a currency.” He thinks that Bitcoin is a better store of value while Dogecoin is more suited to be used as a currency.
However, it is going to be difficult to push crypto as a currency when it is almost 90% down from its all-time high. Not mentioning the fact that since last year Dogecoin hasn’t seen any major rally. But yes, if Elon is able to transform it into something special, that will be a different case.
One thing can change it all
If you look at the top cryptocurrencies from different times, only the ones that have real use cases survive and grow. Right now, whatever one might say, Dogecoin doesn’t have any real use. However, if Elon is really able to solve the Twitter bot problem with Doge, then it will have a real-world use case that people will see. This will also increase its price and its adoption. Until then no matter what Elon or anyone else says, I don’t see a real future for Doge.
What are your thoughts as Elon Musk says Dogecoin has the potential to be a currency? And do you think that unless Dogecoin gets a real use case, there is a future? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.