Elon Musk Reveals Why He’s Backing Dogecoin Over Bitcoin, Ethereum And Others After Surprise Call For Upgrade ‘Ideas’ Sends Its Price Sharply Higher

Elon Musk Reveals Why He’s Backing Dogecoin Over Bitcoin, Ethereum And Others After Surprise Call For Upgrade ‘Ideas’ Sends Its Price Sharply Higher

Elon Musk, the Tesla
TSLA
chief executive that has helped the bitcoin price explode this year, has continued his potentially ironic support of the “joke” bitcoin rival dogecoin.

Musk took to his preferred platform, Twitter, to explain why he’s backing dogecoin, telling another Twitter user dogecoin “has dogs and memes”—helping the dogecoin price rebound from a steep sell-off over the weekend.

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“Curious what are your thoughts on ethereum 2.0, cardano, solana, polkadot, IOTA and others that are trying to scale with low fees,” asked Dave Lee, a YouTuber and Tesla investor. “What makes you choose doge over them?”

“[Dogecoin] has dogs and memes, whereas the others do not,” Musk replied. The cryptocurrency market has been flooded by digital tokens looking to improve on bitcoin over the last few years, with rivals to ethereum, the second-largest cryptocurrency after bitcoin, being challenged by a slew of alternatives that promise lower fees, faster transaction times and improved efficency.

Earlier, Musk issued a call to developers to submit ideas for dogecoin upgrades and improvements via Reddit and GitHub, also replying to a news story about ethereum upgrades, saying ethereum’s co-founder Vitalik Buterin “fears the [doge].”

“Someone suggested changing dogecoin fees based on phases of the moon, which is pretty awesome,” Musk added, telling one other Twitter user dogecoin developers “told [him] they would appreciate help.”

Musk, who enthusically embraced the honorary title of dogecoin CEO following a 2019 Twitter poll, has repeatedly named the meme-based cryptocurrency as his preferred digital token.

However, speaking during an interview earlier this year, Musk said all his dogecoin-related comments shouldn’t be taken seriously—something that continues to cast doubt over how much attention should be paid to Musk’s requent, market-moving dogecoin posts.

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As well boosting the dogecoin price with his tongue-in-cheek comments, Musk sent the bitcoin price higher after announcing he’d met with North American bitcoin miners.

The so-called miners, who secure the bitcoin network by directing computing power towards it in return for newly created bitcoin tokens, were brought together over the weekend by bitcoin investor Michael Saylor to discuss how to reduce bitcoin’s carbon footprint.

“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners [world-wide] to do so,” Musk posted to Twitter, adding he felt the meeting was: “Potentially promising.”

“Yesterday I was pleased to host a meeting between [Musk] and the leading bitcoin miners in North America,” Saylor said via Twitter. “The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency and accelerate sustainability initiatives worldwide.”


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