Elon Musk is Serious About Dogecoin: Still Holds BTC & ETH
Think Dogecoin is a joke? Think again because Elon Musk is seriously embracing the cryptocurrency that started off as a meme.
Elon’s interest in Dogecoin is not a big secret. Tesla’s CEO even strongly shows support for that cryptocurrency at most of his public speeches.
In the latest podcast hosted by Lex Fridman, Elon pointed out that Dogecoin has been so far the best cryptocurrency when put on a fundamental scale.
Elon Loves the Doge!
Elon also highlighted certain disadvantages of Bitcoin — the largest cryptocurrency in the world. Basically, “Bitcoin is comically slow in 2021,” the centibillionaire reminded.
Dogecoin, on the other hand, is highly beneficial due to low transaction charge, which results in an increase of transaction volume.
While Elon may be out of his mind with the over-support, it’s undeniable that his statements have a significant impact on the cryptocurrency market and Bitcoin price this year.
As stated, Elon is holding Bitcoin, Ethereum and Dogecoin. However, in the middle of the year, the Tesla CEO suddenly became annoyed with Bitcoin, due to its high energy-intensive needs.
In the scope of the podcast, Elon Musk also pointed out consumer behavior is another major attribute to make Dogecoin “better than anything else” he has ever seen.
Bitcoin holders prefer to hold Bitcoin, instead of spending it. It turns out that “there is reluctance to spend Bitcoin,” which might be an obstacle on the path of becoming a regular method of payment.
A key value that makes Dogecoin worthy of attention is the widespread acceptance. Most investors have initially known the coin because of its entertaining feature. But they stay because Dogecoin has the ability to represent “us” — people.
Previously, SpaceX CEO revealed the real reason he started supporting the Dogecoin cryptocurrency was not a love for dogs, or a personal preference, but the reason was this coin was in fact related to the lives and interests of his employees.
Musk has consistently praised Dogecoin over Bitcoin, claiming that the memecoin is more interesting than Bitcoin and other cryptocurrencies.
He calls himself a “pro doge” and claims that if Dogecoin can lower transaction times and fees, an outperformance is just a matter of time.
How About Other Major Coins?
If there’s one word to describe crypto space in 2021, it must be “crazy” or “hectic.”
A huge number of new entrants have made debuts and many skyrocketed. In addition, 2021 has also seen the increasing emergence of Wall Street as well as high-profile figures in the market.