Why does Musk stand up for Dogecoin? Bitcoin is simply giving power to the new rich

Tesla CEO Elon Musk explained why he is a staunch supporter of Dogecoin, but not a big fan of Bitcoin.

Earlier, Dogecoin co-founder Billy Markus posted: "My goal is to make things, make money and have fun." I'm used to the corporate system and don't see any meaningful breakthroughs, Bitcoin just gives power to the new rich. ”

Subsequently, as the most influential supporter of Dogecoin, Musk replied on Twitter that this is exactly why I support Dogecoin.

According to a recent study released by the National Bureau of Economic Research, Bitcoin is not exactly a decentralized technology. The study shows that the top 10,000 bitcoin holders own 5 million bitcoins worth up to $232 billion. That's 0.01% of all users, but with a 27% supply.

Unlike Ethereum and Bitcoin, Dogecoin is a bit odd, and it even originated from a joke at first. For Musk, that's the appealing part. He had a huge impact on the price of Dogecoin, often causing it to fluctuate dramatically.

Musk has repeatedly warned that this is not a serious way to invest. "The point is that Dogecoin was invented as a joke and is essentially meant to make fun of cryptocurrencies, so I think the most ironic or interesting outcomes are often the most likely to happen," he said. ”