Elon Musk Unveils His ‘Fav Cryptocurrency’

UTC by Daria Rud · 3 min read
Elon Musk Unveils His ‘Fav Cryptocurrency’
Photo: Thomas Hawk / Flickr

Tesla and Space X founder Elon Musk unveiled his favorite cryptocurrency, also being chosen as the best potential CEO of the project behind it.

Elon Musk, Tesla and SpaceX founder, has recently revealed which crypto is his favorite. And it is not Bitcoin that earlier was called by Musk a currency with “quite brilliant structure”. As Elon Musk stated, his favorite digital currency is Dogecoin (DOGE), currently valued at more than $317 million.

On Twitter, Dogecoin published a tweet calling for voting on the next CEO of the decentralized project. The list of potential CEO candidates included Ethereum (ETH) creator Vitalik Buterin, creator of Litecoin (LTC) Charlie Lee, Metal (MTL) co-founder Marshall Hayner, and Elon Musk who pulled 49% of votes.

In response to that, Musk wrote that Dogecoin may be his favorite cryptocurrency. However, Tesla CEO ignored the potential opportunity to become the CEO of the blockchain project.

Further, Musk published the following tweet:

Realizing that not everyone understands it as a joke, Musk later wrote that ‘Dogecoin value may vary,’ warning the community about the possible risks of investing in ‘weird invisible money that only exists online.’

About Dogecoin

Dogecoin is a Litecoin-derived cryptocurrency that initially started as a joke based on the popular “doge” meme that is often used to describe humorous interior dialogue accompanied by an image of what’s usually a Shiba Inu.

The idea behind the coin was to mock those who invested money in anything crypto-related without any understanding of what cryptocurrency can and can’t do. But after a great number of people actually seemed to start using it, Dogecoin is no longer considered ‘joky’.

Dogecoin is currently one of the most transacted cryptocurrencies in the world. The last 24 hours saw about $53 million in volume for Dogecoin transactions. One of the most popular uses of Dogecoin is the reward of Internet users for interesting and quality content created or shared by them. At the moment of writing, its price makes up $ 0.0031 per coin.

Jackson Palmer, who created Dogecoin in 2013, stated earlier he does not own any crypto.

Palmer does not believe that crypto industry is progressing, as today there are a lot of startups with a poor quality of work in the sphere. He said:

“All in all, the cryptocurrency space increasingly feels like a bunch of white libertarian bros sitting around hoping to get rich and coming up with half-baked, buzzword-filled business ideas which often fail in an effort to try and do so.”

On Twitter, Palmer replied to Musk, referring to his previous statement:

“Am considering selling for $4.20B. Funding (not yet) secured.”

Musk’s Attitude Towards Cryptos

We have already reported that Musk believes in cryptos and in Bitcoin in particular. However, his companies are not yet involved in the crypto activity. As Musk explained, that is because of the high energy intensity of cryptos.

“One of the downsides of crypto is that computationally it is quite energy intensive. So there have to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create the incremental Bitcoin at this point.”

Earlier, there were also rumors that it was Musk who created Bitcoin. However, he denied this speculation. Moreover, he revealed his own crypto holdings, which represent a very little amount.

Altcoin News, Cryptocurrency news, Editor's Choice, News
Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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