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Elon Musk may give up bitcoin altogether

18.05.2021 |

After every tweet by Elon Musk about cryptocurrencies, the market for digital assets is feverish. Many are unhappy with the current state of affairs and are trying to influence the situation. A number of experts believe that Dogecoin, on which the Tesla founder is betting heavily and in which he is ready to transfer all of his digital assets, cannot provide the community with any advantages, and therefore cannot take high positions.

DOGE offers its users nothing new, and its organization does not allow to talk about any significant decentralization, which is clearly visible in bitcoin. However, Musk does not agree with the community, he reminded that he is one of the founders of PayPal payment service, and he obviously has an idea how finances are organized.

The billionaire’s arguments are very simple: in his opinion, the first cryptocurrency is highly dependent on mining companies, which may have been demonstrated by an incident with crypto miners in China, where mine accidents led to power outages and a sharp jump in transaction fees. But Colin Wu disagrees with this position: he believes that the latest decline does not exceed 17%, and the delays were local and short-lived. The large volume of “green” energy used by miners suggests a rather high environmental friendliness of mining activities.

However, although a number of experts suggest that the manufacturer of electric cars in the near future will get rid of digital assets, Elon Musk assured that the company is not currently considering this possibility.