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Elon Musk Slams Bitcoin’s Underlying Technology

byDan Robitzski

He says Dogecoin is better positioned to scale up.

Shots Fired

Once again, Elon Musk is singing the praises of the cryptocurrency Dogecoin, which seems to still be his digital currency of choice.

The longtime crypto advocate, who earlier this year said that he would take a salary in Bitcoin, has more recently turned into one of the cryptocurrency’s most prominent critics. Today he went even further, arguing that Bitcoin and Ethereum are too slow and expensive to scale, especially compared to Dogecoin.

“BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high,” Musk tweeted early Friday morning. “There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.”

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Already, Musk’s tweet has drawn the ire of Bitcoin and Ethereum fans, who say he’s making a baseless criticism of the widely-adopted cryptocurrencies. As Crypto Briefing notes, the cost and speed of the Bitcoin blockchain has been a problem, historically, but recent upgrades have improved both.

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Musk’s stances on crypto have bounced around quite a bit over the last few months. Even though he’s been harsh on Bitcoin recently, Tesla still owns quite a bit of the crypto — so he may well come around to it again down the road.

READ MORE: Elon Musk Slams Bitcoin, Ethereum Scalability Issues [Crypto Briefing]

More on Elon Musk: Dogecoin Spikes After Elon Tweets About Helping Its Developers


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