Today, May 14 Tesla and Space X CEO Elon Musk tweeted about the crypto industry twice.
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In his first tweet, the business magnate noted that he strongly believes in crypto, but is worried about fossil fuel use.To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal
— Elon Musk (@elonmusk) May 13, 2021
In a later post, Musk announced working with Dogecoin's developers to improve system transaction efficiency saying it's promising.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
On May 11, Elon Musk created a poll on Twitter where users could vote yes or no to the idea of Tesla's approving Dogecoin payments. Two days later Tesla revealed canceling the option of buying cars in Bitcoin. The reason is a large amount of energy usage. Elon Musk allowed the possibility of accepting payments in other cryptocurrencies that require much less mining power.
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After today's tweet, Dogecoin's price increased from $0.37 to $0.56. The cryptocurrency is the fourth largest in terms of market cap.