Tesla Billionaire Elon Musk Issues Serious Bitcoin And Ethereum Warning—And Calls For ‘Maximizing’ Dogecoin Upgrade After Price Crash

Tesla Billionaire Elon Musk Issues Serious Bitcoin And Ethereum Warning—And Calls For ‘Maximizing’ Dogecoin Upgrade After Price Crash

Tesla billionaire Elon Musk, who's repeatedly backed dogecoin over bitcoin, ethereum and other cryptocurrencies in recent months, has again gone to bat for the meme-based cryptocurrency.

Musk, the self-proclaimed technoking of Tesla who was once voted dogecoin's CEO in a tongue-in-cheek Twitter poll, warned over limitations he sees with bitcoin and ethereum, branding them "slow" with "high" costs.

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There is merit [in my opinion] to doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer," Musk said via Twitter, replying to dogecoin investor and YouTuber Matt Wallace.

"[Bitcoin and ethereum] are pursuing a multilayer transaction system, but base layer transaction rate is slow and transaction cost is high," Musk added.

The dogecoin price has surged this year, initially riding January's meme stock wave but subsequently developing a haphazard community somewhat led by Musk who envision it eventually competing with the likes of bitcoin and ethereum.

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