Recently, serial entrepreneur Elon Musk of Tesla and SpaceX fame reiterated his support for Dogecoin (DOGE) on Twitter and during an interview with Bloomberg at the Qatar Economic Forum. Despite the fact that the meme-based cryptocurrency has dropped from an all-time high of USD 0.76 to a current price of around USD 0.08 since Musk touted the altcoin on Saturday Night Live on May 2021 and he's currently facing a USD 258bn lawsuit that alleges the whole thing was nothing more than a pyramid scheme, the Tesla and SpaceX CEO told Bloomberg:
"I just know a lot of people who are not that wealthy who, you know, have encouraged me to buy and support Dogecoin. I'm responding to those people."
Also, in December 2021, Musk made the case for Dogecoin as a better alternative to Bitcoin (BTC) during an interview with MIT Research Scientist and podcast host Lex Fridman. In Musk's view, greater on-chain capacity (leading to lower transaction fees) and perpetual inflation are two key features that...
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