ELON MUSK : “That’s Why I’m Pro Doge”

pro doge
That’s why I’m pro doge

Elon Musk pitched his two-cents in a latest Twitter threat against Jack Dorsey on Web3, Bitcoin, and Ethereum. Tesla CEO, Musk replied to Dogecoin cofounder, Billy Markus’ tweet about Bitcoin’s polarised nature, asserting that it “just gives power to new rich people”.

Musk agreed with Markus, further claiming DOGE’s diversity, and supporting his long-standing “pro Doge” stance.

Dogecoin is the cryptocurrency of the people

Musk has repeatedly supported Dogecoin, calling it “cryptocurrency of the people” on multiple occasions. Additionally, Musk has also levied opportunities for Dogecoin at Tesla. Earlier this month, Tesla CEO made the latest announcement including Dogecoin, confirming that Tesla will accept Dogecoin payments for some of its merchandise and see how the meme token payment works with the system to further expand the same.
Musks’s Twitter announcement followed his interview with TIME Magazine where he claimed Dogecoin is dominance over the OG Bitcoin, arguing that Doge is a better payment option as compared to Bitcoin, further highlighting Bitcoin is not suitable for daily payments.

Dogecoin is a currency that encourages people to spend, rather than sort of hoard as a store of value

Musk emphasised that while the transaction volume for BTC is rather low, its transaction cost continues to remain substantially high, which is opposite of Doge, henceforth, claiming Doge’s dominance for routine use, and levying Bitcoin as a Store-of-Value.
Musk noted that on one hand Dogecoin is a currency that “encourages people to spend, rather than sort of hoard as a store of value”, on the other hand he said that with Bitcoin, investors prefer to hold on to it and not sell it or use it for transactions.
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