The Surprise Reason Why Tesla And SpaceX Billionaire Elon Musk Supports Dogecoin Over Shiba Inu, Bitcoin And Ethereum

The Surprise Reason Why Tesla And SpaceX Billionaire Elon Musk Supports Dogecoin Over Shiba Inu, Bitcoin And Ethereum

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Elon Reeve Musk FRS is an entrepreneur and business magnate. He is the creator, CEO, and Chief Engineer at SpaceX; early-stage investor, CEO, and Product Architect of Tesla, Inc.; creator of The Boring Company; and co-founder of Neuralink and OpenAI.

Musk was born to a Canadian mom and a South African dad and raised in Pretoria, South Africa. He quickly attended the University of Pretoria prior to transferring to Canada aged 17 to go to Queen’s University. He moved to the University of Pennsylvania 2 years later on, where he got bachelor’s degrees in economics and physics. He transferred to California in 1995 to attend Stanford University but chose rather to pursue a business profession, co-founding the web software company Zip2 with brother Kimbal. The startup was gotten by Compaq for US$ 307 million in 1999. The same year, Musk co-founded online bank, which merged with Confinity in 2000 to form PayPal. The company was purchased by eBay in 2002 for $1.5 billion.

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The Surprise Reason Why Tesla And SpaceX Billionaire Elon Musk Supports Dogecoin Over Shiba Inu, Bitcoin And Ethereum – Is this even fair?

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Tesla and SpaceX billionaire Elon Musk, the world’s richest man by a rapidly-growing margin, has repeatedly backed the meme-based bitcoin rival dogecoin this year.

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The dogecoin price, up an eye-watering 9,000% over the last 24 months and far outpacing bitcoin, ethereum and other major cryptocurrencies, rocketed into the crypto top ten by value in May—and has so far defied predictions it’s about to crash back.

Now, as the dogecoin price holds on to its massive gains, Musk has revealed workers at his electric car company Tesla and his rocket company SpaceX convinced him to buy dogecoin—calling it “the people’s crypto.”

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“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own doge,” Musk said via Twitter. “They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support doge—it felt like the people’s crypto.”

Musk was replying to a post linking to a news story that claimed the dogecoin adoption rate in the U.S. is nearly double that of the rest of the world. Just over 30% of cryptocurrency holders in the U.S. hold dogecoin, according to a survey carried out by price comparison website Finder.

The dogecoin price has exploded this year, rising almost 10,000% since October 2020 and propelling the memecoin into the crypto top ten—helped by Musk’s outlandish Twitter persona. For comparison, bitcoin has added 400% over the last 12 months.

The dogecoin price peaked in May ahead of Musk’s much-hyped appearance on U.S. comedy show Saturday Night Live and has since lost around 70% of its value. Meanwhile, other meme-based cryptocurrencies looking to capitalize on dogecoin’s success have also soared, with the doge-based coin shiba inu surging by 400% over the last month.

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MORE FROM FORBESTesla Billionaire Elon Musk Signals Surprise Dogecoin ‘Update’ Support As The Bitcoin Price Suddenly Surges

Musk, who’s alienated much of the crypto community this year with his tongue-in-cheek support for dogecoin, has said he’s working with dogecoin developers to reduce the memecoin’s fees, speed up transaction times and “beat bitcoin hands down.”

The latest dogecoin version, designed to prepare “the network for lower recommended fees,” was released in August and Musk has called on those running dogecoin network nodes to update their software to help lower dogecoin transaction fees.

In September, Musk said he doesn’t think crypto is “the second coming of the Messiah,” adding a government crackdown could hobble the market.

“There’s some value in crypto, but I don’t think it’s the second coming of the messiah,” Musk said. “It will hopefully reduce the error and latency in legacy money systems.”

Elon Musk is a South African-born American entrepreneur and business person who established in 1999 (which later on became PayPal), SpaceX in 2002 and Tesla Motors in 2003. Musk came to be a multimillionaire in his late 20s whenever he offered his startup company, Zip2, to a department of Compaq Computers.

Is Elon Musk the wealthiest guy in the world?

As of 2 p.m. EDT Tuesday, Musk is in top place, worth an estimated $255.2 billion. Bezos is number two richest, at an approximated $194.1 billion. Arnault follows in the number 3 area, worth $185.2 billion, according to Forbes’ estimates.

Did Elon Musk originate from cash?

Elon Musk was not born into wealth, unlike many fortunate businesspeople. He developed himself up through his own developments and determination. There have been reports that Musk’s daddy was a rich, emerald mine-owning man, that isn’t real, and Musk has actually gained nothing from his dad.

What is Elon Musk IQ level?

While there are no main sources that have actually evaluated Musk, his IQ is generally estimated to be 155. Specialists have actually based this on his possible to comprehend and use complex technical information, his initial intelligence tests, and how he utilizes his understanding to drive creativity in complex industries.

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