Elon Musk, the CEO of Tesla and SpaceX, appears to have had an impact on the development of Bitcoin and countless other cryptocurrencies blockchain.
During the year 2021, the value of a shiba inu altcoin appeared to increase numerous times as Musk constantly tweeted photographs of his shiba inu puppy.
As stated in a statement issued on Sunday by Tesla CEO Elon Musk, the business does not possess any Shiba inu coins. He exclaimed, “It’s over now!” he said.
As I’ve previously warned, don’t put all your eggs in one basket with bitcoin!” Musk sent out a tweet to the public. Not how much money you make in life, but what you do for others is what matters most in this world.
While speaking at the “The B-Word” conference in July, Musk also acknowledged to having bitcoin, ether, and dogecoin.
Tesla CEO Elon Musk claimed that it all started when he received a message from his employees
Upon being asked how many Tesla employees or SpaceX rocket constructors used Doge, Musk responded, “A large number of them. To me, Doge appeared to be the cryptocurrency for the people, and so I decided to invest in it. “They’re not bankers or techies from Silicon Valley,” says the author.”
The fact that he is so enthusiastic about Dogecoin is nothing new. In fact, Musk began discussing Dogecoin in his tweets as early as January of this year.
Despite Musk’s allegation that he hasn’t spoken with Dogecoin devs in a while, the cryptocurrency’s developers have frequently referenced working with him.
Even Elon Musk has made light of the possibility of dogecoin being the world’s new reserve currency
As he explained to TMZ in May, “the point is that dogecoin was formed as a scam, in large part to humiliate Bitcoin,” he explained. “Irony is something that fate enjoys.” What is the most amusing conclusion in this situation? The cash that began out as a joke has now become the currency of choice for many people. No place compares to the comfort of one’s own home.
Always remember, however, that just because a coin is mentioned on Twitter by a CEO or other influential figure does not imply that it is valuable or a good investment. According to experts, becoming addicted to social media hype may result in financial losses.
When making a decision regarding where to put your money on blockchain, you should always conduct your own research before making your final decision. According to the Securities and Exchange Commission (SEC), it is never a good idea to make an investment decision simply on the advice of someone who is well-known.
Cryptocurrency investment, according to experts, is a dangerous, volatile, and speculative endeavor. According to the experts, you should only invest money that you can afford to lose.
As of 11:33 a.m. EST, bitcoin is currently selling at approximately $63,319 per coin, $4,151 for ether, and 27 cents for dogecoin.
Elon Musk believes that Dogecoin is a superior transactional currency as compared to Bitcoin
According to Elon Musk, the CEO of Tesla, the cryptocurrency Dogecoin is a better option for transactions than the traditional currency bitcoin.
During a recent interview with Time magazine, Elon Musk, the CEO of Tesla and SpaceX, stated that Dogecoin is a much superior crypto coin in terms of daily transactions when compared to other cryptocurrencies. Although the transaction value of Bitcoin is little, the cost of each transaction is significant. Bitcoin is a cryptocurrency. The fact that it is capable of holding value is sufficient. Although it originated as an ill-advised joke, the narrator believes that Dogecoin is more suitable for transactional payment because of its smaller size. Because of its high daily transaction volume, Dogecoin has a “considerably greater potential” than Bitcoin in terms of value growth.
Developed in 2013 by Billy Markus and Jackson Palmer as a speedier and more “fun” alternative to Bitcoin, Dogecoin has since grown in popularity. Its name and emblem were derived from a Shibo Inu joke that was widely shared several years ago, and it was intended to be a satire of the numerous phony cryptocurrency coins that had arisen at the time.
Conclusion
To conclude, Elon Musk’s favorite cryptocurrency is Dogecoin, a meme-inspired cryptocurrency that began as a prank in 2013. He revealed why he favors Dogecoin on Sunday. Elon Musk believes that it is way much better than bitcoin blockchain.
