Elon Musk, the eccentric billionaire and Tesla CEO, is well-known for his fondness for Dogecoin. In a recent tweet, he detailed why he favors Dogecoin to Ethereum or Bitcoin, according to Forbes. Bitcoin, according to Elon Musk, is a crypto coin that provides newly wealthy people power.
Elon Musk, the CEO of Tesla (TSLA), had requested DOGE developers earlier this year to update the meme-based money so that it could compete with the cryptocurrency industry’s behemoths, Bitcoin (BTC) and Ether (ETH) (ETH). Elon Musk also addressed the web3 controversy and explained why he supports DOGE.
Why has Musk branded Bitcoin a “pro-rich instrument”?
Billy Markus, a co-founder of Dogecoin, stated on Twitter that his goal is to make money while having fun. He did say, though, that he is used to working in a business environment. Musk also backed with Markus’s assertion that Bitcoin is pro-rich. According to the most recent statistics, only 0.01 percent of bitcoin owners owned about 27% of all bitcoin in circulation.
“when i hang out with Bitcoin people i get randomly insulted and everyone’s mad at everything”
“when i hang out with Ethereum people everyone’s building stuff and having fun”
So, “when i hang out with Dogecoin people everyone’s making memes and being silly and having a good time” — Shibetoshi Nakamoto (@BillyM2k) December 24, 2021
Musk’s activities have a big impact on the value of cryptocurrencies. Musk was allegedly to blame for the enormous rise in Bitcoin prices after it was revealed that the Tesla CEO had contributed $1.5 billion in bitcoin to the company’s coffers. BTC prices soared from $4000 in March 2020 to $69,000 last month before plummeting to roughly $49,000 at the time of writing.
Musk, on the other hand, eventually counseled caution when it came to investing in cryptocurrencies. He also reversed course and requested that his firm, Tesla, stop taking Bitcoin as payment for its electric vehicles. Musk claims that mining bitcoin uses a lot of energy, which is bad for the environment. Tesla, on the other hand, will begin accepting BTC once it has completed 50% of its mining with environmentally friendly energy sources, according to him.