TL;DR Breakdown
- Elon Musk tweets he is pro-Dogecoin.
- The tweet came as a reply to a Twitter conversation regarding web 3.0 and decentralization.
- Musk thinks DOGE is more decentralized than Bitcoin and Ethereum.
It’s no surprise that Tesla CEO Elon Musk is a big advocate of Dogecoin. The billionaire innovator often takes it to Twitter to express his support for meme coins. Yesterday, Musk shed some more light on why he supports Dogecoin over mainstream cryptos like Bitcoin and Ethereum.
The founder of Rug Radio, Farokh posted a tweet yesterday, asking Jack Dorsey to be more optimistic about web 3.0. The Twitter thread exploded with comments from popular crypto enthusiasts including Elon Musk himself.
Many popular NFT artists and Ethereum developers accused Jack Dorsey of being anti-ETH in the post, including the founder of Frax Finance Sam Kazemian. Dorsey defended himself by emphasizing that he’s not anti-ETH, rather anti-centralized. His ex-colleague Justin Taylor also supported him.
“You buy ETH on Coinbase, transfer it to MetaMask, and buy an Adidas bored ape NFT on Opensea. The decentralized “web3” is centralizing into being run by corporations at a startling rate. I think he has some fair points” – Justin Taylor, the Head of Twitter Product Marketing.
The Dogecoin founder Billy Markus shared his opinion on the tweet saying that Bitcoin just gives power to the rich people. He also explained that it’s rather impossible to achieve a meaningful break away from corporate establishment and go full decentralized. This is where Elon Musk stepped in tagging everyone in the tweet, even including Ethereum and said that’s why he is ‘Pro DOGE’.
Elon Musk is all about decentralization
Musk’s tweet seems like a clear indication of how he sees Bitcoin being controlled by corporates and giants. Recent stats revealed that only 0.01% of BTC holders control 27% of the BTC in circulation. It means that only a handful of whales control the direction of the leading crypto.
Earlier this year, Musk was very vocal about his support of Dogecoin over Bitcoin and Ethereum. His claims are based on the fact that DOGE is more community-centred and it’s able to offer faster transactions and lower fees, which should be the founding promise of any decentralized currency.
Musk was a critical figure behind Bitcoin’s success since early 2020. However, he’s rather become somewhat sceptical about the leading cryptocurrency recently, mostly due to its high energy consumption demands. The latest tweet is another example of how decentralization and community focus is the biggest reason behind his support of the meme coins.
