Elon Musk says he bought some dogecoin for son, sparks 16% surge in currency

SpaceX CEO Elon Musk on Wednesday skyrocketed prices of meme-inspired cryptocurrency dogecoin after he me claims that he bought Dogecoin for his son X Æ A-Xii with Canian musician Grimes. “Bought some dogecoin for lil X, so he can be a toddler hodler”, Tesla boss said on Twitter, surging altcoin's prices by 16 percent. Musk h earlier sent digital currency’s market value sky-high after he h tweeted a picture of a rocket with a trail tweet “Doge”, he h later endorsed altcoins saying, ”Dogecoin is people's crypto. No highs, no lows, only Doge” in a tweet. Billionaire entrepreneur h earlier ded term Bitcoin to his Twitter bio, n deleted it shortly reafter, which led to a jump in cryptocurrency price by as much as 20 percent. On Clubhouse, an audio-based social app, Musk said, ”Bitcoin is a good thing" and that he was "late to party”, surging prices of Bitcoin. 

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Musk’s tweets, however, have been condemned by venture capitalist Nick Carter and former hedge fund manager Mike Novogratz, both of whom called Musk’s enthusiasm for digital token “disconcerting”. In an interview with CNBC’s “Street Signs Europe” on Wednesday, co-founder of data firm Coin Metrics, Carter said in a live-streamed dress that he was concerned, because a lot of retail punters were “going to lose money on dogecoin”, referring to Elon Musk’s tweets. Calling dogecoin ‘empty shell for people’s expectation’, Carter said, digital currency h nothing to offer in terms of technology. He told network, that Dogecoin, which was seemingly ‘interesting and fun’ was now an 'empty husk’. However, with Musk launching tweets for currency, it hit number 10 in virtual currency market value this week, according to CoinMarketCap data. 

Tesla buys $1.5 billion in bitcoin

Earlier, Musk’s electric car manufacturing company Tesla me an announcement that it bought $1.5 billion in Bitcoin, ding that firm will start accepting bitcoin as payment for purchase of Tesla motors. In a Securities and Exchange Commission filing with DC office, electric cars manufacturer said that it was buying cryptocurrency for “more flexibility to furr diversify and maximize returns on our cash.” It ded, company will accept bitcoin in exchange for its products “subject to applicable laws and initially on a limited basis.” 

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