Musk believes BTC is for the rich people and supports DOGE’s diversity

Elon Musk added his honest opinion on Web3, Bitcoin, and Ethereum in a recent Twitter thread against Jack Dorsey. Tesla CEO Elon Musk responded to a tweet from Dogecoin co-founder Billy Markus regarding Bitcoin’s polarised character, claiming that it simply “gives power to new rich people” Musk agreed with Markus, praising DOGE’s diversity and reiterating his long-held “pro-Doge” attitude.

I’m not anti ETH. I’m anti-centralized, VC-owned, single point of failure, and corporate controlled lies. If your goal is anti establishment, I promise you it isn’t ethereum. Don’t believe or trust me! Just look at the fundamentals.

— jack (@jack) December 23, 2021

Musk has been a vocal supporter of DOGE, referring to it as “people’s crypto” on several occasions. Additionally, Musk has stated that DOGE will have opportunities at Tesla. Tesla CEO Elon Musk made the newest news mentioning DOGE earlier this month, saying that Tesla will accept DOGE payments for certain of its items and looking into how its payment system works with the system in order to extend it.

Tesla will make some merch buyable with Doge & see how it goes

— Elon Musk (@elonmusk) December 14, 2021

Musk believes that DOGE is for daily use, while BTC is a store of value

Musk’s Twitter declaration came after he asserted DOGE’s domination over the original Bitcoin in an interview with TIME Magazine, stating that DOGE is a better payment alternative than Bitcoin (BTC) and that BTC is not suited for daily payments. Musk emphasized that while BTC’s transaction volume is low, its transaction cost stays high, which is the polar opposite of DOGE, thus claiming DOGE’s dominance for everyday use.

Musk further went on to say that on the one hand, DOGE is a currency that “encourages people to spend rather than sort of hoard as a store of value,” while on the other hand, investors want to hold on to BTC rather than sell it or use it for transactions. He adds:

“There are advantages with crypto compared to fiat, in that fiat currency tends to get diluted by whatever authority it is. It ends up being a pernicious tax on people, especially those who have cash savings with the dilution of the money supply.”