Why support Dogecoin instead of Bitcoin? Musk Description

According to foreign media on December 24, Tesla CEO Elon Musk is well known to be a supporter of Dogecoin but not a fan of Bitcoin. Musk described Thursday local US time.

Dogecoin co-founder Billy Markus tweeted Thursday: “My goal is to be productive, to make money and to have fun. I know organizational systems, but haven't seen any. the new rich.

Musk then tweeted "Why I support Dogecoin", as Dogecoin's most vocal supporter.

There has been a heated debate online as to whether blockchain (the driving force behind Web3) and Bitcoin are real technologies, or whether they have been exploited in the dark by some individuals and businesses.

Former Twitter CEO Jack Dorsey (Jack Dorsey) recently joined Musk's ranks and announced Web3's long-standing Twitter post: “Users without Web3, the real owners are the people behind this project. Capital Institutions and Their Partners Limited, Web3 cannot shirk their advocacy.

Musk then posted a sarcastic article: "Has anyone seen Web3? Couldn't find it." Dorsey's remarks almost immediately sparked strong protests and many cryptocurrency traders favored him on the platform.

However, there may be some truth to Marcus, Musk, and Dorsey's thinking. Bitcoin is not a fully decentralized technology, according to a recent study published by the National Bureau of Economic Research. According to the study, 10,000 Bitcoin holders own 5 million Bitcoins worth around $ 232 billion. This represents 0.01% of all users, but represents 27% of devices.

Dorsey's comments were also echoed by the Ethereum community. That's because a tweet on Tuesday hinted that cryptocurrency is not "really secure and resilient." Dorsey reiterated in a tweet two days later, “I am not against Ethereum, I am against centralization, VC membership, business management failure and fraud. If your goal is not Yes, I assure you, Ethereum.

Unlike Ethereum and Bitcoin, Dogecoin is a bit different and comes with a joke. For Musk, it's appealing.

Musk has always been one of the biggest buyers of cryptocurrency, and earlier this year his electric car maker Tesla invested around $ 1.5 billion in Bitcoin. However, his concept of Bitcoin has become operational at 180 degrees. At first, the price of Bitcoin rose and then fell.

It also has a major impact on the value of Dogecoin, often causing significant changes. In other words, whatever strangers say about Musk, it's about Bitcoin and Dogecoin. But the billionaire boss has repeatedly warned that this is not a big investment.

In May, he said: "The point is, I think the best results or appearances are usually the result more often because Dogecoin is basically designed to be a joke. Fraudulent cryptocurrencies."

The debate over whether cryptocurrencies really symbolize division and conflict could go on for a long time, and deals like Musk and Doshi will spark controversy and determine the short-term fate of marketing.