Tesla CEO Elon Musk is a well-praised name in the cryptocurrency trade. Enthusiasts, traders, and miners alike believe that Elon Musk, being the second richest man in the world, has the power to influence the market of trade with his words and actions. In addition, Elon is known for his support of cryptocurrency as a digital currency. On multiple occasions, Elon has shared his positive outlook on the cryptocurrency trade and continues to do so even today. He even spoke about the new-age digital currency on live television a few days back and has ever since becoming a talking point for cryptocurrency enthusiasts across the globe.
Elon Musk has supported Bitcoin and played a significant role in the growth and popularity of this trade. Bitcoin is the largest cryptocurrency when it comes to market capitalization, growing over $1.1 trillion. Until recently, Elon had announced that they would start accepting cryptocurrencies as a means of payment for Tesla cars, which made a massive impact in the market, increasing cryptocurrency prices of all significant tokens of trade. The cryptocurrency market that runs 24X7 was at a record high after the possibilities of widespread adaptation spread. Investors and traders started investing more and more of their share in the market, increasing the market capitalization and per token values to new heights.
The market trends clearly showed the impact of a few tweets by the SpaceX & Tesla CEO in favor of cryptic values of trade. However, all this hype was short-lived. After a few days, he announced against the decision to accept Bitcoin as payment for its cars, stating many environmental concerns associated with it. He noted that the mining of these cryptocurrencies is increasingly becoming a threat due to ever-increasing energy consumption, resulting in carbon emissions.
In his recent Twitter posts, Musk continued to say that Bitcoin is not as decentralized as people think it is, which brought out the reliability issues with crypto assets and the trade of these tokens. In a series of tweets, he said Tesla would consider the possibilities of future integration of cryptocurrencies that require less than 1% of the overall energy consumption by Bitcoins. Alternatively, he continued to praise Dogecoin and considered it an alternative token of trade, stating that it speeds up block time, increases the block sizes by up to 10X, and has negligible fees associated with it that are almost 100 times less than that of Bitcoin. The low energy consumption and high volumes of trade tokens count as a successful digital cryptocurrency, and Dogecoin checks all boxes, as it is based on the Ethereum platform.