On Saturday night, Elon Musk said about cryptocurrency that “it’s all a hustle,” and prices plummeted. Tesla has suddenly become very aware of Bitcoin’s energy-inefficient ways and has reversed its stance on accepting Bitcoin payments. Musk tweeted Thursday about “potentially promising” efficiency improvements for Dogecoin, claiming the company is looking for a more climate-friendly cryptocurrency.
In case you missed it, Dogecoin is the meme-inspired cryptocurrency that Musk has taken a liking to. His other major venture, SpaceX, is planning to launch a DOGE-1 CubeSat next year, and he has repeatedly tweeted about it. The dog-faced meme coin can be difficult to take seriously at times, but the reaction to Musk’s tweet was serious, with its price increasing by 25% in one day.