Dogecoin co-founder criticizes Musk: selfish fraud!

This article is from Wall Street News, authored by Liu Xiaocui.

Musk's announcement that Tesla will no longer accept Bitcoin payments has angered the co-founder of Dogecoin.

Palmer tweeted on May 13 (Thursday) that Musk has always been a selfish fraud and will continue to be one in the future. However, he quickly deleted the tweet.

Musk's "strange operations" indeed leave people confused; he announced that Tesla would accept Bitcoin payments one moment and then retracted it the next, citing excessive energy consumption.

This week, Musk repeatedly questioned the energy consumption issues of Bitcoin. On Wednesday after the U.S. stock market closed, Tesla CEO Musk suddenly announced on social media: "Tesla has stopped accepting Bitcoin for car purchases. We are concerned that Bitcoin mining and transactions are leading to a rapid increase in the consumption of fossil fuels, especially coal, which has the worst impact among all fossil fuel emissions."

Following this statement, most cryptocurrencies, including Bitcoin and Dogecoin, quickly plummeted.

On Thursday, Musk reiterated, "I still believe in cryptocurrency, but it cannot justify the massive use of fossil fuels, especially coal."

However, he began to advocate for Dogecoin again, stating that he is working with Dogecoin developers to "improve system transaction efficiency," which may hold great promise.

After this tweet was posted, Dogecoin surged by 20% at one point.

Prior to this, Dogecoin had crashed by over 30% due to one of his remarks. When Musk guest-hosted "Saturday Night Live," he referred to Dogecoin as a "scam."

Dogecoin was founded in 2013 by former IBM engineer Marcus and Adobe software engineer Palmer. At the end of 2020, Dogecoin was still virtually worthless and unknown, but now it is the fourth-largest cryptocurrency, having increased more than tenfold this year.

Musk's words have triggered significant fluctuations in the cryptocurrency market. Interestingly, in the first quarter of this year, Tesla made $100 million from buying Bitcoin.

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