Elon Musk has Big Plans for Dogecoin (DOGE) but Unhappy DOGE Investors are Obstructing Him
The chief executive officer of Tesla, Elon Musk, recently made an announcement in regards to his approach to Twitter’s digital expansion. Musk stated that his plan is to move the social media giant within the digital payments sector.
The followers and people who have been linked with Dogecoin (DOGE) know exactly what Elon Musk’s next move would be. If he is talking about moving Twitter into the digital payments sector, somewhere, Dogecoin will benefit from it.
Angry Dogecoin Investor
However, the enthusiasts of Dogecoin and Elon Musk’s followers will have to pause their excitement. This is because one of the major Dogecoin investors has decided to take matters into his own hands and pull Musk into the court.
The investor has decided to go into a legal battle with the billionaire over the situation of Dogecoin. The investor has alleged that Elon Musk is involved in running a ‘pyramid’ for cryptocurrencies.
Elon Musk’s Statement
After a long wait, Elon Musk finally announced that he had decided to proceed with buying Twitter. Musk decided to have a virtual meeting with the executives and seniors at Twitter to talk about the future operational strategy for the social media giant.
During the meeting, Elon Musk commented on the orientation of Twitter as a platform for digital payments. Elon Musk stated that over time it has become clearer that the future of payments is based on digital platforms.
Even now, digital payments are considered fundamental in the payment sector. Therefore, it will be beneficial for Twitter if it starts moving into the digital payment space. Allowing people to send and receive digital payments through Twitter will prove extremely convenient.
Elon Musk Highlighted Twitter Bots and Crypto Scams
Musk did mention that they are currently faced with two major problems at Twitter. The first major problem is with the bot accounts that are currently being run on Twitter.
The second major problem is the scams that are being run through Twitter. Among all the scams, it is the cryptocurrency scams that are the most alarming.
The bot accounts were the very reason why Elon Musk was not ready to finalize the acquisition deal with Twitter executives. He had even threatened of ending the deal if he wasn’t provided with authentic information surrounding the bots.
Musk clarified that the reason he was concerned about the bots was that they would interfere with his plans of business expansion in the direction of digital payment.
He stated that for Twitter’s digital payment project to succeed, it is important they have all the active users on board as possible.
The Case against Elon Musk
Although it was quite an obvious Musk would definitely adopt DOGE, things are stuck in the pipeline. This is because Musk is now facing legal action due to his involvement with DOGE. If Musk ends up losing the case, he may have to pay over $200 billion to the DOGE investor.
Therefore, the DOGE investors will need to keep their fingers crossed that the case ends fast and Musk is able to resume his project for Twitter. At the time of writing, Dogecoin’s price is at $0.0569, facing a 4% dip in the past 24 hours.