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He says Dogecoin is in a better position to grow.
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Once again, Elon Musk is singing the praises of the Dogecoin cryptocurrency, which still seems to be his digital currency of choice.
The longtime crypto advocate, who said earlier this year that he would take a salary in Bitcoin, has more recently become one of the most prominent cryptocurrency critics. Today he went even further, claiming that Bitcoin and Ethereum are too slow and expensive to scale, especially compared to Dogecoin.
“BTC and ETH are pursuing a multilayer transaction system, but the base layer transaction rate is slow and the transaction cost is high”, Musk tweeted early Friday morning. “There is merit to Doge in maximizing the base layer transaction rate and minimizing transaction costs with exchanges acting as the de facto secondary layer.”
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Already Musk’s tweet has attracted anger Bitcoin and Ethereum fans, who say he’s making a unfounded criticism widely adopted cryptocurrencies. As Cryptography briefing Notes, the cost and speed of the Bitcoin blockchain has been an issue, historically, but recent upgrades have improved both.
Musk’s positions in crypto have rebounded a lot over the past few months. Even though he’s been tough on Bitcoin recently, Tesla still owns a good chunk of the crypto – so he might come back to it later.
READ MORE: Elon Musk slams Bitcoin and Ethereum’s scalability issues [Crypto Briefing]
Learn more about Elon Musk: Dogecoin Spikes After Elon Tweets About Helping Its Developers
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