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After a brief break, Elon Musk is again pushing Doge cryptocurrency on Twitter

Musk on Monday on Twitter wrote "Dojo 4 Doge", in support of the meme-based cryptocurrency. Following the tweet, Dogecoin jumped from $ 0.0544 to $0.0597.

twitter-logoIndia Today Tech | February 22, 2021 | Updated 11:00 IST
(Picture: Reuters)

Highlights

  • Musk on Monday on Twitter wrote "Dojo 4 Doge", in support of the meme-based cryptocurrency.
  • Tesla’s hardware team is reportedly developing a neural network (NN) called Dojo to increase the learning speed of neural networks at the server-side.
  • Bitcoin on Saturday exceeded $1 trillion and Musk called it a less dumb form of liquidity than cash.

Tesla CEO Elon Musk has returned with his support for meme-based cryptocurrency Dogecoin on social media. Musk on Monday on Twitter wrote "Dojo 4 Doge", in support of the meme-based cryptocurrency. Following the tweet, Dogecoin jumped from $ 0.0544 to $0.0597. Dojo refers to a school or training facility for Japanese martial arts. Musk-backed Tesla's hardware team is developing a neural network (NN) called Dojo, to increase the learning speed of neural networks at the server-side. Musk has noted that Dojo V1.0 will be released in about one year.


Musk on Saturday also wrote that the price of bitcoin and ethereum seemed high Bitcoin, after the world's most popular cryptocurrency, hit a fresh high in Asian trading on Saturday, extending a two-month rally a day after the digital currency's market capitalization exceeded $1 trillion, Reuters reported.


"An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both," Musk in a reply on Twitter wrote.

On Saturday, crypto firm Binance's CEO Changpeng Zhao, in an interview said although Musk favors Dogecoin, Tesla invested $1.5 billion in Bitcoin and not Dogecoin. Musk in a reply to Zhao wrote, "Tesla's action is not directly reflective of my opinion. Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company. However, when fiat currency has a negative real interest, only a fool wouldn't look elsewhere." Bitcoin is almost as BS as fiat money. The keyword is 'almost'". Earlier this month, Tesla invested $1.5 billion in bitcoin.

Musk has also asked his fans to be careful while investing in cryptocurrency. In a video that surfaced, after Tesla's investment in Bitcoin, Musk can be heard saying to his fans that it's fine to spend disposable income on it, but he can also be heard telling a fan to "not bet the farm on crypto."

"People should not invest their life savings in cryptocurrency, to be clear -- that's unwise," Musk said. "There's a good chance that crypto is the future currency of Earth, and it's like which one's it going to be? Maybe it'll be multiple. It should be considered speculation at this point. So don't go too far with the crypto speculation front," Musk added. Musk in a tweet had also written that he supports major Dogecoin holders selling their coins and had pointed out that concentration was the real issue.

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