If you’ve been following the news then you’re quite aware that most cryptocurrencies have been suffering dips all through the week. This dips came just after Tesla CEO Elon Musk and ethereum co-founder Vitalik Buterin scrubbed a massive $300 billion from the market (yes 300 billion).
Elon Musk Roasts Bitcoin
Elon Musk who was once voted Dogecoin’s CEO made indications that Tesla might have sold out a lot of it Bitcoin holdings. He then went on to propose a Dogecoin upgrade because in his words “Dogecoin is needed to become the currency of Earth”.
In a Tweet responding to Dogecoin fan account, Musk said “Ideally, doge speeds up block time 10X, increases block size 10X and drops fee 100X. Then it wins hands down.”
The radical Tesla CEO went on to say that “For those bad at math, 100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees and high volume are needed to become currency of Earth.”
Elon Musk didn’t stop there, he also made some indications that Tesla would be selling the remainder of it over $1 billion worth of Bitcoin that it bought this year. Although they already sold some of it but claim they were just testing market liquidity.
Although I won’t blame the Tesla CEO for debunking Bitcoin after the amount of hate he has gotten. Even the Dogecoin he tweeted about saw a surge in valuation and also came crashing later this week.