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Elon Musk Refers to Dogecoin as “Money” on Twitter

Elon Musk Refers to Dogecoin as "Money" on Twitter


Elon Musk has always been there to push Dogecoin, and this week was no exception. The South African entrepreneur behind billion-dollar companies such as SpaceX and Tesla tweeted that “Dogecoin is money,” and he wants everyone to take the asset seriously.

Elon Musk Is Pushing Dogecoin Again

Dogecoin is one of the most talked about cryptocurrencies in existence. First arriving on the monetary scene in approximately 2013, the currency initially began as a meme coin – something that wasn’t necessarily meant to be taken seriously, and rather poked fun at the types of people that would allegedly be attracted to it.

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However, since then the currency has risen through the ranks to become the fourth largest digital asset in the world, and Doge hit a new pinnacle earlier this year when it nearly struck $1 for the first time.

One of the biggest fans of Dogecoin has always been Elon Musk, who at one point, was even slated to become the new CEO of the asset, though this later turned out to be a simple rumor. Still, the entrepreneur has become a huge fan in recent years and has even taken to social media to request information and opinions regarding the idea of accepting Doge as a means of payment for goods and services through Tesla.

Not too long ago, Musk commented on Twitter that Dogecoin was “money,” not just some speculative asset that could make one rich overnight, granted they steered their cards in the right direction. Musk commented:

I’m trying to tell you Dogecoin is money… A lot of money.

He further cemented his confidence in Doge by claiming he owned the currency, which caused the asset to jump as high as 20 cents per unit on popular digital currency exchanges like Coinbase in San Francisco, though the surge didn’t last particularly long. Still, this has been a solid week for Doge, with Musk recently discussing it in his online chat with Cathie Wood and Jack Dorsey.

Combining It with Ethereum?

In the meeting, Musk stated:

There may be some merit in combining something like Ethereum and Dogecoin. Bitcoin by itself simply cannot scale to become the monetary system for the world at base layer. There’s some merit in considering something that has a higher max transaction rate and lower transaction cost and seeing how far you can take a single layer network with exchanges acting as a de facto second layer. I think you could take that further than people realize, and as bandwidth increases over time, latency decreases.

A few months ago, Musk stirred quite a bit of conversation online when he said he wanted to take Dogecoin to the moon. It was unclear if he wanted its price to increase tenfold, or if he literally wanted to fly Doge up to the moon on one of his SpaceX rockets.

Tags: dogecoin, Elon Musk, Twitter



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