Elon Musk Plots to Start a New Affair with Ethereum
Tesla’s founder Elon Musk, after helping the king of all coins reach a price never seen before, decides to break up with Bitcoin for the second most supreme coin, Ethereum, and the second most famous coin, Dogecoin (DOGE).
In the early months of 2021, Elon brought Bitcoin to its all-time high of $64,000. He later decided to dump the supreme coin citing, mining causes a lot of harm to the environment.
Mr. Musk also caused the network effect on DOGE citing on his tweets it was going to the moon. This caused the meme coin to leap to $0.70, the coins all-time high following a massive bull invasion.
“I pretty much agree with Vitalik,” Elon Posted on his Twitter handle on 5th June 2021 replying to a wide-ranging YouTube interview with Ethereum’s cofounder by AI researcher Lex Fridman.
In the podcast, Fridman asked whether there was a possibility to upgrade DOGE to beat Bitcoin as Elon earlier suggested. Buterin responded to the question by saying if DOGE wishes to somehow bridge to Ethereum, and then people can trade it thousands of times a second, that would truly be amazing.
Elon’s Dream for Dogecoin Almost Coming True
Fridman said, “There’s potential power behind someone like Elon pushing the development of crypto. Is there a way to leverage that monumental power and momentum to improve Ethereum?”
“I think if we can have a secure DOGE-to ETH Bridge, that would be amazing, and when Ethereum gets any scalability that works for Ethereum assets. You would have the ability to wrap Dogecoin with very low transaction fees and very high speed as well,” said Vitalik.
Ethereum is the second most supreme cryptocurrency in the world. In late 2020 it started the long-awaited upgrade. Its developers hope to soon lower its high fees and speed up its heavily clogged blockchain. Ethereum’s upgrade to the proof-of-stake and transaction verification model is expected to take years to complete. Doing this does away with Bitcoin’s proof-of-work model.
In May, Musk proposed the somewhat satirical DOGE should speed up and drop its fees to become the currency of Earth.
Elon’s support for DOGE has helped its price soar. This is in thousands to a mind-blowing near $50b billion market cap in 2021. Tesla’s CEO also said that he sees a battle coming between government-backed currencies and protocol-based or decentralized cryptocurrencies
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