Elon Musk believes that Dogecoin is fundamentally better than any other crypto


  • 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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Why crypto may see a recovery right before or shortly after Bitcoin halving

Why crypto may see a recovery right before or shortly after Bitcoin halving

Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.

More Cryptocurrencies News

Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets

Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets

Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.

More Manta Network News

Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray

Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray

Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving. 

More Bitcoin News

OMNI post nearly 50% loss after airdrop and exchange listing

OMNI post nearly 50% loss after airdrop and exchange listing

Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.

More Omni Network News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP