Elon Musk – the South African billionaire and head of companies like Tesla and SpaceX – is reaffirming his love for Dogecoin and is pushing the asset above all others.
Elon Musk Is Big on Doge
In recent days, Shiba Inu coin – a growing altcoin and a popular spinoff of Doge – has experienced a massive surge in price. Many are going nuts for Shiba Inu to the point that there is now a petition going between investors and trading platform Robinhood to get the asset added to its list of available assets.
But for Elon Musk, Dogecoin is going to reign supreme. In fact, he recently made it clear that he even prefers the asset to Ethereum and bitcoin, the world’s biggest digital assets. Why? For one simple reason… He feels it’s the most accessible to average people and claimed it was the “people’s coin.”
Over the last two years, Dogecoin has surged by more than 9,000 percent, making it one of the most successful cryptocurrencies of all time. In an interview, Musk commented that he speaks to many people that work at his companies and says that while few of them own mainstream cryptocurrencies such as BTC or ETH, he says that quite a few of them have gotten their hands on Doge, and that workers seem to be hugely attracted to it.
Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge. It felt like the people’s crypto.
Musk has an interesting relationship with Dogecoin. There was a time where he was being pitched as the new CEO of the cryptocurrency, and while things looked somewhat promising about two years ago, this ultimately turned out to be a simple rumor that didn’t go anywhere.
But while things haven’t worked in this department, Musk has sought to establish Doge in other ways. He recently announced plans to fly Dogecoin to the moon in one of his SpaceX rockets, and he was also quick to refer to Dogecoin as “money” on Twitter, which caused the currency to experience an immediate spike.
During his interview, Musk also referred to a recent post that suggested Dogecoin was held by more traders in the United States than anywhere else in the world. Approximately 30 percent of crypto holders in the U.S. have Dogecoin as part of their portfolios, suggesting even further just how many bells it rings with traders.
He Likes, but Doesn’t Love, Crypto
Despite all this, Musk doesn’t seem super enthusiastic about crypto, claiming:
There’s some value in crypto, but I don’t think it’s the second coming of the Messiah. It will hopefully reduce the error and latency in legacy money systems.