Have you heard this one before?
The Twitter activity from SpaceX and Tesla CEO Elon Musk is having an influence on the cryptocurrency market.
On Sunday, a tweet was shared that pushed positive aspects of Dogecoin, just more than a week after Musk’s appearance on NBC’s Saturday Night Live during which he talked about Dogecoin and bitcoin.
Musk responded to a Dogecoin fan, @itsALLrisky, who wrote that Musk likes Dogecoin better than Bitcoin “in many fundamental ways.”
“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
While Musk is a prominent discussion subject among crypto experts, not everyone is on board with his opinions.
A Yahoo Finance story relayed a few subsequent Twitter responses:
- MicroStrategy founder Michael J. Saylor: “The world needs a decentralized, secure, deflationary store of value like #Bitcoin much more than it needs the more centralized, less secure, inflationary medium of exchange that you describe above.”
- Changpeng Zhao, the Binance founder: “If the same improvements happened on bitcoin or eth, then…”
- BlockTower Capital founder Ari Paul supported bitcoin, saying it “isn’t slow and expensive because of an engineering limitation. It’s slow and expensive because it prioritizes decentralization and security.”
Dogecoin, an altcoin developed as a joke via meme, ranks as the sixth most valuable cryptocurrency by market cap.
Musk announced last week he was suspending bitcoin as an option for Tesla transactions because of its adverse environmental impact.
On Thursday, another Musk tweet referenced his recent work with Dogecoin developers to “improve system transaction efficiency. Potentially promising.”
Meanwhile, Business Insider reported that Dogecoin co-creator Jackson Palmer, in a since-deleted tweet, called Musk “a self-absorbed grifter.”
The bottom line: Crypto investing is an uncertain pursuit.