Tesla CEO Elon Musk has shared what he believes to be the most important dogecoin improvements. He also clarified that he does not have anything to do with the Dogecoin Foundation and is not investing in the shiba inu (SHIB) token. Musk confirmed that he is only holding three cryptocurrencies.
Elon Musk on Dogecoin Improvements, Shiba Inu Token
Tesla and Spacex CEO Elon Musk made several tweets about cryptocurrency, bitcoin, dogecoin, and the shiba inu token Sunday.
Regarding Dogecoin’s improvements, he was asked whether he had any recent interactions with the Doge development team. While admitting that he had not interacted with them lately, Musk shared:
What matters imo is lowering fees, decreasing block time & increasing block size. A single layer network with exchanges as de facto layer 2 seems like the simplest solution for a medium of exchange.
Dogecoin co-creator Billy Markus chimed in and responded to Musk’s Doge improvement tweet. He stressed that in his opinion, “dogecoin being fast, scalable, and inexpensive to send around is all it needs to be,” adding that “it doesn’t need to be yet another blockchain that hosts NFTs or other tokens or whatever.” Musk replied with a “hundred points” symbol.
Furthermore, Musk responded to another Doge supporter who asked: “Do you think if Dogecoin accomplishes the goals you put forth here then it could be more practical and efficient than something like the Lightning Network as a medium of exchange?”
The Tesla executive answered: “Possibly. Bitcoin was conceived at a time of relatively low bandwidth & high latency. If both continue to improve substantially, we will reach a point when no second layer is needed.”
In August, Musk agreed with the billionaire owner of the NBA team Dallas Mavericks, Mark Cuban, that “The community for doge is the strongest when it comes to using it as a medium of exchange.”
Musk also clarified Sunday that he does not have anything to do with the Dogecoin Foundation in response to a comment on Twitter stating: “Jared Birchall represents Elon Musk, but as all advisors he has no direct voting rights. This guarantees the foundation stays independent while taking advantage of the expertise of shibes like Elon.” The Spacex CEO wrote:
Neither Jared, nor me, nor anyone I know has anything to do with this foundation.
The Dogecoin Foundation relaunched in August. Its website lists Jared Birchall as one of its four board advisors, describing him as a “legal & financial advisor” to Musk. Other board advisors include Markus and Ethereum’s Vitalik Buterin.
Musk was asked how much shiba inu (SHIB) he is holding. The Tesla technoking simply replied, “None.”
Besides SHIB, Musk was asked whether he had holdings in several other cryptocurrencies, including FLOKI, the token named after his shiba inu puppy.
Instead of responding about each coin, Musk confirmed that he only owned bitcoin, ether, and dogecoin. “Out of curiosity, I acquired some ASCII hash strings called ‘Bitcoin, Ethereum & Doge.’ That’s it,” he affirmed. “As I’ve said before, don’t bet the farm on crypto. True value is building products & providing services to your fellow human beings, not money in any form.”
Musk previously said that his companies, Spacex and Tesla, only owned bitcoin. The electric car company released its Q3 earnings report this week showing $1.26 billion in BTC.
What do you think about Elon Musk’s tweets? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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