Everything Elon Musk has said about Dogecoin & Twitter

The price of Dogecoin has pumped 41% on last week following news of Elon Musk's successful Twitter takeover.

The Dogecoin price has risen higher than any other top 50 cryptocurrency by market cap. Given Elon Musk's history of promoting Dogecoin, it's clear the Twitter news has been a bullish indicator for DOGE. But just what has Elon Musk said about using Dogecoin on Twitter?

Suggestion to use Dogecoin to tackle Twitter bots

In May this year, Dallas Mavericks boss and Dogecoin holder Mark Cuban exchanged Tweets with Musk about tackling bots. 

Cuban suggested that Twitter users could put up 1 DOGE as collateral for posting. If anyone contests a post and a human confirms it is spam, those who flagged the post would receive and share the spammer's DOGE. If the contestors are wrong, they would lose their own DOGE collateral.

The co-founder of Dogecoin, Billy Markus, responded to say 'i like it a lot'. Musk has been vocal about protecting Twitter from bots but has not commented on using Dogecoin to this end.

Musk v Twitter trial reveals Twitter blockchain suggestion

Document released in the lead up to the Musk v Twitter trial – before Musk decided the deal was back on – showed texts discussing a blockchain version of Twitter.

Musk text Steve Davis, president of The Boring Company, to say

"My Plan B is a blockchain-based version of Twitter, where the 'tweets' are embedded in the transaction of comments. So you'd have to pay maybe 0.1 DOGE per comment or repost of that comment."

Musk later said the model was not 'feasible'.

Using Dogecoin to pay for Twitter Blue

In April this year, Musk suggested pricing Twitter Blue at $2 a month for an annual purchase. He said anyone signing up would get an authentication checkmark, and could use Twitter without ads. 

"Maybe even an option to pay in Doge?" Musk said in one of the Tweets. 

Of all the ways Dogecoin might be useful on Twitter, this suggestion has form. Elon Musk has already begun accepting payments of Dogecoin for Tesla merchandise online. A Tesla supercharging station in Santa Monica also accepts Dogecoin.

Would Dogecoin payments on Twitter drive the Dogecoin price longterm?

If the Twitter takeover is bullish in the short-term, what about the long-term?

Musk also said during a podcast interview this year that he likes Dogecoin because it's 'inflationary'. He said the cryptocurrency could keep a more stable price than others thanks to the addition of 5 billion DOGE to the supply each year, as miner's rewards. 

This contrasts with rival crypto social media use cases, such as with EverGrow. EverGrow is a hyper-deflationary token that pays out stablecoin rewards from a transaction tax on trading volume. But EverGrow has also developed an ecosystem with an NFT marketplace and content subscription platform from which 100% of revenue is used to buy and burn EverGrow tokens. 

In the future, revenue could be used solely for rewarding holders of EverGrow. You can read more about EverGrow here.

The argument EverGrow brings is that allowing Dogecoin payments on Twitter won't necessarily create a demand for Dogecoin. You might not want to pay in DOGE even, as you're hodling to wait for a price rise.