Back in July 2021, Tesla CEO Elon Musk confirmed publicly throughout a convention that he owns a couple of cryptocurrencies, corresponding to Bitcoin, Ethereum and Dogecoin, however he has repeatedly favoured the latter in interviews and posts on social media.
The 50-year-old entrepreneur did clarify final yr the principle motive behind his choice to help Dogecoin after repeatedly mentioning up to now that he collaborated with its builders.
“A number of individuals I talked to on the manufacturing strains at Tesla or constructing rockets at SpaceX personal Doge,” Musk wrote on Twitter.
“They are not monetary specialists or Silicon Valley technologists. That is why I made a decision to help Doge – it felt just like the individuals’s crypto.”
Again in Might 2021, Musk did not hesitate to joke that Dogecoin might truly turn into a reserve foreign money sooner or later.
“The purpose is that Dogecoin was invented as a joke, basically to make enjoyable of cryptocurrency,” he advised TMZ.
“Destiny loves irony. What can be essentially the most ironic final result? The foreign money that began as a joke in truth turns into the actual foreign money. To the moon!”
Elon Musk reveals causes behind help for Dogecoin
Simply a few months in the past, Musk mentioned in an interview he gave to Time Journal that he would favour the introduction of Dogecoin as a transactional foreign money over the extra common Bitcoin.
“Basically, Bitcoin isn’t a superb substitute for transactional foreign money,” Musk mentioned.
“Though it was created as a foolish joke, Dogecoin is best suited to transactions.
The transaction quantity of Bitcoin is low, and the associated fee per transaction is excessive.”
“A minimum of at an area degree, it’s appropriate as a retailer of worth. However essentially, Bitcoin isn’t a superb substitute for transactional foreign money.
“The overall transaction circulate that you simply do with Dogecoin in transactions per day has a a lot increased potential than Bitcoin.”