Home » Amid the Debate over Web3, Ethereum, and Decentralization, Tesla CEO Elon Musk Explains Why He Supports Dogecoin

Amid the Debate over Web3, Ethereum, and Decentralization, Tesla CEO Elon Musk Explains Why He Supports Dogecoin

by CryptoWordTalk
Amid the Debate over web3, Ethereum, and Decentralization, Tesla CEO Elon Musk Explains Why He Supports Dogecoin

Elon Musk, the CEO of Tesla and SpaceX, has outlined why he supports dogecoin as the discussion over web3, Ethereum, and decentralization heats up. Former Twitter CEO Jack Dorsey claimed that he is not anti-ETH during the same talk. He declared, “I’m anti-centralized, VC-owned, single point of failure, and corporate-controlled falsehoods.”

Elon Musk Explains Why He Supports Doge

Elon Musk’s Doge explanation occurred after he and Billy Markus, the co-creator of Dogecoin, entered a Twitter debate including Jack Dorsey discussing web3 and Ehtereum. This week, the former Twitter CEO expressed alarm about web3’s ownership by venture investors (VCs).

“My objective is to produce something, make money, and have fun,” Markus stated. I’m acclimated to the corporate system and don’t see any significant breakaway; bitcoin just lends power to new wealthy individuals.” “That’s why I’m for Doge,” Musk said.

Tesla CEO Elon Musk Reveals Why He's Pro Dogecoin Amid Debate Over Web3, Ethereum, Decentralization

“I’m not anti-ETH,” Dorsey reiterated in the same discussion. I’m opposed to centralized, VC-backed, single-point-of-failure systems, and corporate-controlled misinformation. If you want to be anti-establishment, Ethereum isn’t the way to go. Don’t believe me or put your faith in me! Take a look at the basics.”

This week, both Musk and Dorsey expressed reservations about web3. “I’m not arguing web3 is genuine — looks more marketing jargon than reality right now,” Musk said on Twitter. “Has anyone seen web3?” he followed up with another tweet. I can’t seem to locate it.” “Web3 seems like bs,” he commented in early December.

Tesla’s CEO is a big fan of the meme cryptocurrency dogecoin. In the crypto world, he is even referred to as the Dogefather. In addition to bitcoin and ether, he holds dogecoin.

Last week, Musk, who was voted Time Magazine’s Person of the Year, revealed that Tesla will take DOGE as a form of payment. Bitcoin, he believes, is the finest cryptocurrency for transactions, whereas DOGE is the best cryptocurrency for storing wealth.

Musk provided a different explanation for his support for Dogecoin in October. “A lot of folks I spoke with on Tesla’s manufacturing lines or making rockets at SpaceX possess Doge. They aren’t financial professionals or techies from Silicon Valley. That’s why he chose to back Doge: “It seemed like the people’s crypto,” he said.

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