Breaking: Elon Musk agrees Bitcoin ($BTC) is for the rich and asserts Dogecoin’s ($DOGE) diversity

Elon Musk pitched his two-cents in a latest Twitter threat against Jack Dorsey on Web3, Bitcoin, and Ethereum. Tesla CEO, Musk replied to Dogecoin cofounder, Billy Markus’ tweet about Bitcoin’s polarised nature, asserting that it “just gives power to new rich people”. Musk agreed with Markus, further claiming DOGE’s diversity, and supporting his long-standing “pro-Doge” stance.

I mean my goal is to build stuff and make money and have fun I’m used to the corporate establishment and don’t really see any meaningful break away from it ~ bitcoin just gives power to new rich people 🤷‍♂️

— Shibetoshi Nakamoto (@BillyM2k) December 23, 2021

Musk has repeatedly supported DOGE, calling it “cryptocurrency of the people” on multiple occasions. Additionally, Musk has also levied opportunities for DOGE at Tesla. Earlier this month, Tesla CEO made the latest announcement including DOGE, confirming that Tesla will accept DOGE payments for some of its merchandise and see how the meme token payment works with the system to further expand the same.

Tesla will make some merch buyable with Doge & see how it goes

— Elon Musk (@elonmusk) December 14, 2021

Musk categorises DOGE for routine use and BTC as a Store-of-Value

Musks’s Twitter announcement followed his interview with TIME Magazine where he claimed DOGE’s dominance over the OG Bitcoin, arguing that DOGE is a better payment option as compared to Bitcoin (BTC), further highlighting BTC is not suitable for daily payments. Musk emphasised that while the transaction volume for BTC is rather low, its transaction cost continues to remain substantially high, which is opposite of DOGE, henceforth, claiming DOGE’s dominance for routine use, and levying BTC as a Store-of-Value.

“Fundamentally, bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, dogecoin is better suited for transactions.[T]he transaction volume of bitcoin is low, and the cost per transaction is high”.

Musk noted that on one hand DOGE is a currency that “encourages people to spend, rather than sort of hoard as a store of value”, on the other hand he said that with BTC, investors prefer to hold on to it and not sell it or use it for transactions.

“There are advantages with crypto relative to fiat, in that fiat currency tends to get diluted by whatever government it is. It ends up being a pernicious tax on people, especially those who have cash savings with dilution of the money supply.”

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Sunil Sharma

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.