Musk supports doge coin.
Chiu/AP
The meme coin is powered by a disruptive, grassroots community, which is different from the Wall Street backers of the other speach coins.
The CEO of the electric car company weighed in on a discussion about who has power in the world of digital currency.
The next generation of the internet that underpins the likes of the metaverse is the reason why venture capital's influence is critical.
The Block CEO said he is against corporate control and is against the core of the Web3 vision.
"My goal is to build stuff and make money and have fun," said Markus. I'm used to the corporate establishment and don't think there's any need for a break away from it.
"That's why I'm pro Doge," Musk said.
elonmusk has a verified account.
Dogecoin, which was started as a joke by software engineers, has shot up in popularity and price this year. Its rise has been fueled by a lighthearted community that backs the altcoin as a form of disruption to Wall Street's established financial institutions.
It's similar to this year's trading frenzy, which sent a clear message to the financial elite: power lies even with regular traders. Dogecoin is seen as a version of a video game.
Retail traders and institutions alike have shown interest in the virtual currency. Dogecoin has not been able to capture similar backing.
This year, billionaire Musk has been a consistent doge advocate. He announced in December thatTesla would accept dogecoin as payment for some of its merchandise. He said in May that this could happen.
His support for the dog-themed meme token is related to its usefulness.
Musk told Time magazine that he doesn't think thatBitcoin is a good substitute for money. Dogecoin is better suited for transactions even though it was created as a joke.
He joked that it could be the future of cryptocurrencies. "Fate loves irony," he told a celebrity news website. What would be the most ironic outcome? The real currency is the currency that was invented as a joke.
Musk's endorsements of his "FAv Cryptocurrencies" led to a surge in the token's price this year. Dogecoin hit an all-time high of 73 cents on May 8. It was trading at 17 cents per coin at last check, and is up 3,634% year-to-date.
Musk said that his portfolio consists of ether, doge coin, and bitcoin.
By the year 2050, Gen Z and millennials are expected to inherit over $60 trillion in wealth. 3 stocks are expected to surge over 70%.
Business Insider has an original article.
