- The billionaire CEO of Tesla, Elon Musk, believes that Bitcoin is comically slow in 2021.
- Musk argues that Dogecoin has a lower transaction fee and faster processing than Bitcoin.
- Analysts compare the Dogecoin price trend to March 2021, keep an eye on the memecoin for a breakout.
Elon Musk, the CEO of Tesla, is bullish on Dogecoin. The billionaire believes that Dogecoin is fundamentally better than any other cryptocurrency. Musk believes that Bitcoin is 'comically slow' for 2021.
Musk is bullish on Dogecoin, claims it is better than any other crypto
Musk compared Dogecoin to cryptocurrencies like Bitcoin and Ethereum. Musk argues that he doesn't understand Ethereum-based smart contracts that are self-executing. The CEO of Tesla was quoted as saying,
I'm too dumb to understand smart contracts. My general approach to any kind of like deal or whatever is just make sure there's clarity of understanding.
Musk believes that Dogecoin is fundamentally better than any other cryptocurrency. Musk plans to put Dogecoin on the moon.
Further, he predicted that Dogecoin would eventually become the official currency of Mars. Musk has previously hinted at the use of the memecoin for SpaceX.
Speaking of the cryptocurrency, Musk said,
I think Mars itself will need to have a different currency ... I don't know if Mars would have a cryptocurrency as a thing, but probably it seems likely, but it would be kind of a localized thing on Mars.
Musk has compared the memecoin with several cryptocurrencies before taking a "pro doge" stance.
@kingthies, a pseudonymous crypto analyst, has predicted that the current DOGE/USDT setup reminds him of March 2021. The analyst is keeping an eye on the memecoin for a breakout.
$DOGE (vs. USDT)
— Crypto Thies (@kingthies) December 27, 2021
Getting some March 2021 vibes with this current set up. RSI range highlighted for reference / something to keep an eye on. pic.twitter.com/pGnPdbGCYA
FXStreet analysts believe that until Dogecoin breaches $0.21, the memecoin's price won't be out of trouble.
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