Home / Business / Elon Musk reveals surprising support for the plan ‘Amazing’ Ethereum Co-Founder to Upgrade Dogecoin Competitor Bitcoin ‘Joke’

Elon Musk reveals surprising support for the plan ‘Amazing’ Ethereum Co-Founder to Upgrade Dogecoin Competitor Bitcoin ‘Joke’



Tesla

TSLA
Billionaire Elon Musk, after helping bitcoin prices reach unprecedented levels this year with a $1.5 billion bitcoin bet. seems to be abandoned cryptocurrency for ethereum and dogecoin meme

“I totally agree with Vitalik,” Musk posted on Twitter this week in response to a mixed YouTube interview with ethereum co-founder Vitalik Buterin by AI researcher and podcast Lex Fridman.

In an interview with ethereum’s de facto leader Fridman asked if it was possible to upgrade dogecoin to “beat bitcoin,”

; as Musk had previously suggested, with Buterin saying, “If doge wants to connect to ethereum like Any and people can do thousands of doge exchanges per second … that’s amazing.”

MORE FROM FORBESAs Elon Musk Raises Dogecoin Prices, Tesla Dogecoin Dreams Come True

“There is a force behind someone like Elon Musk driving the development of a digital currency,” Fridman said, asking, “Is there any way to leverage that power and momentum to improve ethereum?”

“I think if we can have a bridge doge-to-ethereum that is safe This is amazing, and when ethereum gains any scalability Suitable for ethereum assets, you will be able to trade wrapped doge with very low transaction fees and very high speed as well,” Buterin said.

Ethereum, the second-largest cryptocurrency after bitcoin, late last year began a long-awaited upgrade that developers hope will reduce the eye-popping fees and accelerate the heavily crowded blockchain. However, Ethereum’s upgrade is a form known as tokenization. proof-of-stake and validation of transactions And away from the proof-of-work model, bitcoin is expected to take several years to complete, with many ethereum competitors vying for market share in the cryptocurrency. meanwhile

Last month, Musk suggested that the somewhat satirical dogecoin should “accelerate” and “lower” its fees to become a “little dogecoin.” The “currency of the world” in a comment recalls the 2017 bitcoin civil war, which resulted in a rift in the community and the creation of payment-focused cryptocurrency bitcoin cash.

Musk’s support has helped the dogecoin price skyrocket thousands of percent to nearly $50 billion in market cap this year. and said he saw a “fight” going on between government-backed fiat currencies and cryptocurrencies that uses the protocol

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

However, Buterin warns against using it. He said he was “deep intent” on Musk’s comments on dogecoin, something Musk himself said should not be taken seriously.

Buterin said, “I think you’ll make a mistake if you impose complex malice or profound intentions on the whole process,” Buterin said.

Musk, who said he plans to put “literal dogecoin on the moon” with the rocket company SpaceX’s “DOGE-1 to the moon” mission early next year, has sent bitcoin and cryptocurrency prices. on the roller coaster this year

“I don’t have and won’t sell anything. [dogecoin]Musk tweeted last month in response to claims from investment influencers Musk. “There are a lot of doge holdings.”

In February, Musk sent bitcoin skyrocketing when he announced that Tesla had bought the cryptocurrency for $1.5 billion. And it goes even further when the company says it will accept bitcoin as a payment before it reverses Tesla’s bitcoin ambitions due to bitcoin’s enormous carbon footprint.




Source link