Elon Musk Has His Favourite Crypto, But It Is Not Bitcoin

Elon Musk’s Twitter is believed to be weird, as his posts are often quite eccentric, revealing some of the Tesla CEO’s quirkiest and funniest thoughts. This was clearly seen in a meme Elon Musk posted on March 3, which combined his love for dogs and stance towards crypto.

This tweet was followed by another stating “they have the best coin,” which is a reference to Dogecoin, the meme cryptocurrency which somehow reached a market capitalization of hundreds of millions and once surpassed $1 billion.

Funnily enough, Dogecoin was seen to be outperforming the rest of the crypto market. According to CoinMarketCap, on March 3 DOGE gained 3%, when Bitcoin lost 1.2% in the same time frame.

Not the first time Elon Musk speaks about crypto

Musk mentioned crypto earlier, Last year, on April Fool’s day, the tech entrepreneur was “voted” in as the “CEO” of Dogecoin, which obviously has no sense since the cryptocurrency is a decentralized project.

Responding to the poll, Musk stated that Dogecoin, a long-standing digital asset for those who like fun and memes, might in fact be his favorite cryptocurrency.

After that, Musk took the mantle as the first (and last) “CEO” of Dogecoin. He then replaced his Twitter biography with a short “CEO of Dogecoin.”

More seriously, Musk has created a thesis on the value of Bitcoin and other cryptocurrencies in modern society.

On the last month’s episode of the Third Row Tesla Podcast, Musk presented his opinion on cryptocurrency.

Starting his speech with first with “clever” to “What did you think of Satoshi’s white paper?,” Tesla CEO said that there are definitely crypto transactions not made in “the balance of the law.”

Elon Musk did state, though, that he thinks of “crypto as effectively a replacement for cash,” however, noted that he does not expect digital assets and their underlying blockchains to become the “the primary database.”

Despite his belief that digital assets will replace cash or at least try to, Elon Musk has yet to disclose any intentions to build a company involving cryptocurrency, though he has been spotted reading a Bitcoin-related book — for whatever that’s worth.