Elon Musk has come out in support of Dogecoin once again. This time, he’s saying it’s superior to bitcoin primarily because all the latter has done is give power to new rich people.
Elon Musk On Why He Supports Doge
Musk has long been a proponent of Dogecoin. He has referred to it as the “people’s coin” and at one point, was in line to become the newest CEO of the asset. This later turned out to be internet fluff, though it sure had investors going. In a recent interview, the co-founder of Dogecoin Billy Markus explained the following about the successful meme token:
My goal is to build stuff and make money and have fun. I’m used to the corporate establishment and don’t really see any meaningful break away from it. Bitcoin just gives power to new rich people.
Musk then chimed in on the social media platform and added to the conversation by stating:
That’s why I’m pro Doge.
Musk has been a bit of a bitcoin hater in recent months, one of the big reasons being that it allegedly uses more energy when being mined. This is what eventually caused him to rescind a decision to allow bitcoin to be used to purchase Tesla vehicles. He has backed Dogecoin over BTC also because he says that it is allegedly able to offer faster transaction times and smaller fees. Thus, it can beat bitcoin “hand’s down.”
In recent days, he has suggested a new partnership between Doge and ETH to help make transactions even faster. Ethereum is also something of an enigma in the year 2021 given that the currency has garnered a lot of support from corporations in recent days. While some would consider this a major push forward for the world’s second largest cryptocurrency by market cap, others – such as Jack Dorsey of Twitter and Square fame – find this a bit concerning.
In an interview, Dorsey says:
I’m not anti-Ethereum. I’m anti-centralized, VC-owned, single point of failure, and corporate controlled lies. If your goal is anti-establishment, I promise you it isn’t Ethereum. Don’t believe or trust me! Just look at the fundamentals.
He has also been critical of the idea of a Web3 internet being centered on the backbone of cryptocurrency. He states:
I care only about decentralized, secure, private foundations without single points of failure.
Dorsey Takes It On the Chin
His comments about the new venture have landed him in hot water with individuals such as Balaji Srinivasan, the chief technology officer of Coinbase, and Chris Dixon, the general partner at the venture capital firm Andreessen Horowitz. He has thus had his Web3 account blocked, and even posted a picture of it on social media.
Contrasting to Musk, Dorsey is a major bitcoin fan, even commenting recently in an interview with rapper Cardi B that he believes BTC will eventually replace the U.S. dollar.