• 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. 

FXStreet analysts believe that until Dogecoin breaches $0.21, the memecoin's price won't be out of trouble. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP