Elon Musk Reveals Surprise Support For Ethereum Cofounder’s ‘Amazing’ Plan To Upgrade ‘Joke’ Bitcoin Rival Dogecoin

Tesla

TSLA
Billionaire Elon Musk appears to have given up on cryptocurrency after pushing Bitcoin price to unprecedented highs this year with a stake of $ 1.5 billion Ethereum and the meme-based Dogecoin.

“I pretty much agree with Vitalik,” Musk wrote on Twitter this week, replying on a far-reaching YouTube interview with Ethereum co-founder Vitalik Buterin from AI researcher and podcaster Lex Fridman.

ADVERTISING

In an interview with the de facto leader of Ethereum, Fridman asked if it was possible to upgrade Dogecoin to “beat Bitcoin by lengths”. as Musk suggested earlier– whereby Buterin says: “If the Doge somehow wants to build a bridge to Ethereum and then people can trade with the Doge a thousand times per second … that would be amazing.”

MORE FROM FORBESWhile Elon Musk is raising the Dogecoin price, the Tesla Dogecoin dream is already coming true

“There is a force behind someone like Elon Musk that is driving the development of a cryptocurrency,” said Fridman, asking, “Is there a way to use that force and momentum to improve Ethereum?”

“I think if we can have a secure Doge-to-Ethereum bridge that would be amazing, and then if Ethereum got scalability that works for Ethereum assets, you could be trading packaged doges with very low transaction fees and very high speeds “Said Buterin.

Ethereum, the second largest cryptocurrency after Bitcoin, began a long-awaited upgrade late last year that its developers hope will lower its staggeringly high fees and speed up its heavily overloaded blockchain. However, it is expected that upgrading from Ethereum to what is known as the proof-of-stake token creation and transaction validation model and away from the proof-of-work model of Bitcoin will take years as a number of Ethereum rivals for market share in the meanwhile.

Last month, Musk suggested in comments reminiscent of the 2017 Bitcoin Civil War that split the community and created the payment-centric Bitcoin Cash cryptocurrency.

Musk’s support helped the Dogecoin price soar many thousands of percent an overwhelming market cap of nearly $ 50 billion this year, saying he sees a “battle” between government-backed fiat currencies and protocol-based cryptocurrencies.

ADVERTISING

MORE FROM FORBESCrypto Price Prediction: Why Ethereum Could Overtake Bitcoin Soon

However, Buterin cautioned against attributing “deep intentions” to Musk’s comments on Dogecoin – something Musk himself said shouldn’t be taken seriously.

“I think you would be making a mistake if you attributed subtle malice or deep intent to the whole process,” said Buterin. “Elon is just a guy who likes dogs as much as I like dogs.”

ADVERTISING

Musk, who has announced that his rocket company SpaceX will place a “literal Dogecoin on the literal moon” with the “DOGE-1 mission to the moon” at the beginning of next year, put bitcoin and cryptocurrency prices on a roller coaster ride this year.

“I don’t have and won’t sell any [dogecoin], “Muska tweeted Last month in response to an investor influencer claim that Musk “has a large Doge holding.”

In February, Musk sent Bitcoin significantly higher than it announced Tesla bought the cryptocurrency worth $ 1.5 billionwhich boosts it even further than the company said it would accept bitcoin as a form of payment before Tesla’s Bitcoin ambitions are scaled back due to Bitcoin’s huge carbon footprint.

ADVERTISING

Comments are closed.