Musk said he would eat a “Happy Meal” on TV if McDonald’s started accepting Dogecoin as a form of payment. McDonald’s said that the company would accept DOGE if Tesla started accepting GrimaceCoin as a form of payment. GrimaceCoin is a cryptocurrency inspired by the Grimace character once featured in McDonald’s commercials.
Bitcoin was trading at $45093.11 which was a 6.50% decrease over the last 24 hours and 1.45% increase over the last 7 days. Ether was trading at $3164.36 which is an 8.09 % decline over the last 24 hours and 1.58 % decrease over the last one week. Dogecoin today was trading at $0.2159 which is 9.69% down over the last 24 hrs.
Musk followed up by posting a breakup comic strip and replying "nice" to an illustration of rival crypto dogecoin posted by crypto exchange Coinbase. Musk has previously said Tesla would not sell its bitcoin, but his tweets were enough to unsettle markets still fragile following May`s crash. Musk has been a major promoter of cryptocurrencies but has turned critical of bitcoin since suspending Tesla plans to take it in payment for cars, owing to concerns about its energy use.
In one type of scam, people are told that if they give a certain amount of cryptocurrency to a "celebrity" they will get more back. Musk had been a supporter of cryptocurrencies but recently knocked dogecoin by calling it "a hustle" on national television. People in their 20s and 30s were the biggest victims, reporting losing much more money on investment and cryptocurrency fraud than any other type of scam.
Bitcoin fell more than 9% on Monday to as low as $42,185, its lowest since Feb. 8, but rallied back to around $45,190 as of 0911 GMT. Ether, linked to the ethereum blockchain, fell to as low as $3,123.94, and then bounced back to $3,540. Dogecoin fell nearly 7%, and all three are well under recent records.
Musk has announced not to use the popular cryptocurrency Bitcoin as a payment mode to buy its electric vehicles, citing environmental harm. Musk said that the electric car maker will not sell any bitcoin and intends to use bitcoin for transactions as soon as mining moves to more sustainable energy. Bitcoin nosedived more than 11 percent after the tweet and was trading at nearly $50,000.
A Musk tweet on Wednesday that Tesla would no longer accept payments in bitcoin sent the cryptocurrency tumbling 17%, roiling bitcoin futures and dragging down the broader cryptocurrency market. The upstart cryptocurrency received a further bump on Thursday when Musk said he was involved in work to improve its transaction efficiency. Musk`s tweets about dogecoin in recent months triggered a rally in the digital currency, which started as a social media parody.