Elon Musk has been manipulating the prices in the crypto markets for quite some time now. His tweets regarding Dogecoin have pushed the price higher, and on the other hand, his tweets regarding Bitcoin have crashed the market. It is clear that Elon is not planning to get into the Bitcoin market again. And that leaves him with primarily one option that is Dogecoin. And if that doesn’t work out the way he wants it to, then he could release a new cryptocurrency.
Elon Musk on Bitcoin and Dogecoin
Elon Musk thinks or at least pretends to think that Bitcoin is harmful to the environment. That is why the CEO of Tesla announced that he is not going to accept BTC at Tesla anymore. According to him, the kind of carbon footprint that Bitcoin has will actually be very negative for the planet in the long run. And therefore, in his tweet, he also added that Tesla would be looking at alternative cryptocurrencies with lesser energy requirements. And then, the following day of these announcements, Elon said that he would be working with Dogecoin developers to improve the currency.
He also said if Dogecoin speeds up 10x, increases size 10x, and drops 100x fee, then it will win hands down. How smart of him to put up some numbers sounding like he knows what he talks about. In that case, one could argue if Bitcoin does this and this, it could win hands down. Okay, the main point is, there was a reply to his tweet which asked him why not he makes his own currency. He said if the thing doesn’t work out the way he planned, he could consider that option.
As of now, Elon Musk is reportedly working to improve the transaction efficiency of Dogecoin. But, funnily enough, no matter how hard he is trying, the price of Dogecoin has been falling and is unable to reach the record high of 75 cents that it reached before the SNL event.
In terms of energy usage, yes, Dogecoin consumes a lot less than Bitcoin,but other than that no it’s not better. The currency was literally made as a meme and doesn’t have the kind of security and dependency that BTC offers. Dogecoin was meant to mock cryptocurrencies and not be one. It is also inflationary in nature due to the unlimited number of tokens that could exist in the market.
What are your thoughts on Elon Musk releasing his own cryptocurrency? And do you think that he will be able to make it better than Bitcoin? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.