Tesla CEO Elon Musk has shared what he believes to be the most important dogecoin improvements. He also clarified that he had nothing to do with the Dogecoin Foundation and that he was not investing in the shiba inu token (SHIB). Musk has confirmed that he only owns three cryptocurrencies.
Elon Musk on Dogecoin Improvements, Shiba Inu Token
Tesla and Spacex CEO Elon Musk made several tweets about cryptocurrency, bitcoin, dogecoin, and the shiba inu token Sunday.
Regarding Dogecoin improvements, he was asked if he had had any recent interactions with the Doge development team. While admitting that he had not interacted with them lately, Musk shared:
What matters to imo is to reduce costs, reduce block time and increase block size. A single layer network with exchanges as de facto layer 2 seems like the simplest solution for a medium of exchange.
Dogecoin co-creator Billy Markus stepped in and responded to Musk’s Doge improvement tweet. He stressed that in his opinion, “dogecoin being fast, scalable, and inexpensive to send around is all it needs to be,” adding that “it doesn’t need to be yet another blockchain that hosts NFTs or other tokens or whatever.” Musk replied with a “hundred points” symbol.
Additionally, Musk responded to another Doge supporter who asked, “Do you think that if Dogecoin achieves the goals you have set out here, it could be more convenient and efficient than something like the Lightning Network as a means of exchange?”
The Tesla executive answered: “Possibly. Bitcoin was conceived at a time of relatively low bandwidth & high latency. If both continue to improve dramatically, we’ll reach a point where no second coat is needed. “
In August, Musk agreed with the billionaire owner of the NBA team Dallas Mavericks, Mark Cuban, that “The community for doge is the strongest when it comes to using it as a medium of exchange.”
Musk also made it clear on Sunday that he had nothing to do with the Dogecoin Foundation in response to a comment on Twitter stating, “Jared Birchall represents Elon Musk, but like all advisers he has no direct voting rights. This guarantees the foundation stays independent while taking advantage of the expertise of shibes like Elon.” The Spacex CEO wrote:
Neither Jared, nor I, nor anyone I know has anything to do with this foundation.
The Dogecoin Foundation relaunched in August. Its website lists Jared Birchall as one of its four board advisors, describing him as a “legal & financial advisor” to Musk. Other board advisors include Markus and Ethereum’s Vitalik Buterin.
Musk was asked how many shiba inu (SHIB) he was holding. The Tesla technoking simply replied, “None”.
Besides SHIB, Musk was asked whether he had holdings in several other cryptocurrencies, including FLOKI, the token named after his shiba inu puppy.
Instead of answering about each coin, Musk confirmed that he only owns bitcoin, ether, and dogecoin. “Out of curiosity, I acquired ASCII hash strings called ‘Bitcoin, Ethereum & Doge’. That’s it,” he affirmed. “As I’ve said before, don’t bet the farm on crypto. True value is building products & providing services to your fellow human beings, not money in any form.”
Musk previously said his companies, Spacex and Tesla, only owned bitcoin. The electric car company released its Q3 earnings report this week showing $1.26 billion in BTC.
