Cryptocurrency News: Elon Musk's Impact
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Questions and Answers

What is the main reason Elon Musk gave for not accepting Bitcoin payments?

  • It is too volatile
  • It is too difficult to understand
  • It is environmentally unsustainable (correct)
  • It is not widely accepted

    • What was the reaction of some Twitter users to Elon Musk's statement?

  • They welcomed it (correct)
  • They criticized it
  • They ignored it
  • They were confused by it

    • What happened to Dogecoin following Elon Musk's tweets?

  • It dropped in value
  • It was delisted from exchanges
  • It rose by 20 percent (correct)
  • It became more widely accepted

    • Study Notes

    • Tesla CEO Elon Musk tweeted that the company would not accept payments in Bitcoin because of environmental concerns.
    • This caused a decline in the value of Bitcoin, but the cryptocurrency has since stabilized.
    • Some Twitter users welcomed Musk's statement, while others saw it as a sign that Bitcoin was not going to replace traditional currencies.
    • Dogecoin, a cryptocurrency created by Musk's company Tesla, rallied by about 20 percent following the tweets.

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    Description

    Test your knowledge on the recent cryptocurrency events involving Elon Musk's tweets and their impact on the value of Bitcoin and Dogecoin.

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