Friday, December 9

Elon Musk explains why he is a Dogecoin fan

In a post on his Twitter, Elon Musk gave his vision of why he is a fan of Dogecoin, the meme currency of the cryptocurrency market.

It all started with a debate in recent days trying to convince Elon Musk that Web 3.0 is the way of the future. Many of these supposedly decentralized solutions have used the image of cryptocurrencies to raise funds for their developers, with promises that innovations will come to market.

Elon Musk has already made it clear that he doesn’t like the term Web 3.0, and he distanced himself from the debate, but apparently he is still following what is happening in the sector.

Founder of Twitter is hardcore Bitcoin maximalist and Ethereum community hasn’t got over it

The Ethereum community often presents itself in the market as the true innovation in the industry, making Bitcoin an obsolete technology. In recent years, the desire of many is that ETH’s market value exceeds BTC, so that “flippening” is achieved.

In this unbridled search for supporters, Ethereum fans decided to target now the billionaires that follow Bitcoin. In recent months, Elon Musk has already made it clear that he would not be the promoter of Ethereum in the market and criticized WEB 3.0, a buzzword in the ETH community.

Now, they’ve aimed their guns at Twitter founder Jack Dorsey, who is a staunch Bitcoin maximalist and recently stepped down as CEO of the social network to work on improving Bitcoin. He’s already denied Ethereum in the past, but with community pressure on him, he’s had to do it again in recent days.

This Thursday (23), he said again that he is not against Ethereum itself, but anti-centralization, point-of-failure networks and projects maintained by venture capital. In his public speech, he said that “those fighting the establishment shouldn’t get involved with Ethereum“.

Elon Musk joined the speech and ended up declaring himself a fan of Dogecoin

Seeing the discussion about Ethereum and Bitcoin, who was better or not, which is more decentralized, among others, the co-founder of Dogecoin went to the comment to say what was his objective in the market.

Known for being a prankster and almost never being serious, Billy Markus pointed out that his only goal is to make money and have fun. In his opinion, Bitcoin only gives money to the nouveau riche, and it doesn’t see a significant break between the biggest digital currency and the establishment.

When seeing the comment, Elon Musk said that’s why he’s a fan of Dogecoin.

It is worth remembering that in recent months Elon Musk declared that Dogecoin could surpass Bitcoin and Ethereum technology in the market, a vision that was always far from being a reality.

In price, Dogecoin has appreciated 1.9% in the last 24 hours against the Dollar, quoted today at US$ 0.17 per unit.

Either way, it shows that Bitcoin as a technology is constantly being downplayed by its competitors trying to take its place, but it proves to be the only currency in operation for 13 years despite that. In this sense, as stated by the founder of Twitter, the fundamentals are there, just study.