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Musk’s Latest Dogecoin Tweet Sparks Fierce CEO Responses

2 mins
16 May 2021, 13:00 GMT+0000
Updated by Ryan James
16 May 2021, 13:00 GMT+0000
In Brief
  • Musk extolls Dogecoin (DOGE)'s supposed superior speed and environmental friendliness over Bitcoin (BTC) in a new tweet.
  • CEOs such as Changpeng Zhao, Michael J. Saylor, and Ari Paul have issued barbed responses.
  • DOGE co-creator Jackson Palmer called Musk a "self-absorbed grifter" earlier in the week.
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Elon Musk is not staying quiet about Dogecoin (DOGE), as his latest social media activity prompts a number of barbed responses from his fellow CEOs.

A new tweet, shared on May 16, extolled the supposed superior speed and environmental friendliness of DOGE over Bitcoin (BTC). This was in response to another DOGE fan, @itsALLrisky, who asserted that the Tesla CEO supports the meme-inspired altcoin because it is better than Bitcoin “in many fundamental ways.” Musk responded by tweeting:

“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

It’s a statement that has been noticed by a few high profile figures in the crypto space. MicroStrategy founder Michael J. Saylor replied:

“The world needs a decentralized, secure, deflationary store of value like #Bitcoin much more than it needs the more centralized, less secure, inflationary medium of exchange that you describe above.”

Meanwhile Changpeng Zhao, the Binance founder, remained less vocal, simply tweeting:

“If the same improvements happened on bitcoin or eth, then…”

BlockTower Capital founder Ari Paul, and Justin Sun, founder of crypto platform TRON, also sent responses to Musk’s tweet. Paul specifically supported BTC, stating it “isn’t slow and expensive because of an engineering limitation. It’s slow and expensive because it prioritizes decentralization and security.”

Elon Musk’s other controversies

The Tesla and SpaceX CEO has already been the subject of some criticism this week. This particularly followed his announcement that he was suspending BTC as an option for Tesla vehicle purchases.

A decision made based on the detriment that bitcoin mining causes the environment. BTC’s subsequent decline in price was attributed to Musk’s withdrawal. 

In light of Musk’s decision, people like global investor Tim Draper have since come out in support of BTC. Draper stated in an interview that he believed BTC was “the apex predator” of digital currencies. Furthermore, he alluded to the environmental impact of the current banking system, but suggested Musk should stop accepting fiat currencies at Tesla.

Elon Musk achieved considerable notoriety in recent weeks for driving up the price of DOGE, which has risen nearly 20,000% since January. The altcoin, which was created as a joke in 2013, rose in value every time Musk advocated it on Twitter.

Resulting in a series of all-time highs, the latest of which was achieved shortly before the CEO appeared as host of Saturday Night Live on May 8. 

While DOGE’s performance and status as a valid store of value remains a topic of debate, it currently ranks as the sixth most valuable cryptocurrency by market cap. But regardless of what his social media activities have done for DOGE,

Elon Musk is no favorite of the altcoin’s co-creator Jackson Palmer. According to reports, Palmer issued a tweet on May 13, referring to the Tesla founder as “a self-absorbed grifter.” 


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