share this article!

Elon Musk, the Tesla CEO who appears to have embraced the meme-based bitcoin competitor dogecoin as his pet project, has expressed his support for the “joke” cryptocurrency once more. After Musk claimed it is “essential to support” a dogecoin upgrade proposal to dramatically cut dogecoin transaction fees—something Musk has previously stated he wants to do in order to become dogecoin “the currency of Earth,” the dogecoin price soared higher, jumping 5% in the last 24 hours.
Sign up for CryptoCodex, a free daily email that succinctly explains the world of bitcoin. Every weekday at 7 a.m. EDT in your mailbox
Bitcoin Billionaire Issues (MORE FROM FORBES) In the midst of extreme cryptocurrency price volatility, a stark warning about a “trillion-dollar” blunder has been issued. Billy Bambrough contributed to this article.

This year, Tesla entrepreneur Elon Musk chose dogecoin over bitcoin, causing the… [+] meme-based cryptocurrency’s price to skyrocket by thousands of percent.
courtesy of Getty Images
“This proposal to all dogecoin stakeholders suggests reducing average fees on the dogecoin chain by 100x, splitting full control over all aspects of fees between miners and node operators, relying less on core development, and bringing back a functional (small) free transaction space that incentivizes keeping the network healthy,” according to the proposal. Patrick Lodder, a dogecoin core developer who has been active with the memecoin since 2014, detailed the upgrade request on a Reddit thread.
ADDITIONAL INFORMATION FOR YOU
Dogecoin’s price surge this year, up 11,000 percent from a year ago, has rekindled interest in the stalled cryptocurrency, prompting Sam Bankman-Fried, the wealthy CEO of crypto exchange FTX, to declare dogecoin the “asset of the year” for 2020 and 2021.
Charles Hoskinson, an ethereum cofounder who went on to establish rival blockchain cardano, said earlier this month that he expects Musk’s support will encourage “real engineers” to “come in and start working on dogecoin” to provide it “use and usefulness.”
Musk, Tesla’s self-proclaimed “technoking” who was previously voted dogecoin’s CEO in a joking Twitter poll, has alienated much of the bitcoin community in recent months with his dogecoin support. Many bitcoin investors believe Musk’s actions are harmful to the cryptocurrency.
While Musk previously stated that any of his dogecoin-related social media posts should not be taken literally, he has continued to tweet in support of the doge meme-based cryptocurrency, including plans to “place a literal dogecoin on the literal moon.”
Every day, CryptoCodex helps you grasp the world of bitcoin and cryptocurrency.
ADDITIONAL INFORMATION FROM FORBESIs Is This Elon Musk, the billionaire Tesla CEOSurprising ,’s Bitcoin Solution? Billy Bambrough contributed to this article.

The price of dogecoin has risen as a result of Elon Musk’s support for the upgrade, although it is still much behind its all-time high of almost 70 cents established in May.
Coinbase
Despite stopping accepting bitcoin payments in April, Tesla still has most of the $1.5 billion worth of bitcoin it purchased earlier this year, and Musk has said he’s willing to restart Tesla’s bitcoin support if those who secure the bitcoin network and validate transactions, known as miners, reduce the bitcoin network’s sky-high carbon footprint.
Musk stated last week that he’d be open to attending a bitcoin-focused online event organized by Twitter CEO Jack Dorsey and aimed at helping businesses and institutions adopt the cryptocurrency.
Meanwhile, despite news that Binance, a prominent bitcoin and cryptocurrency exchange, is facing expulsion from the United Kingdom after the country’s regulator declared it can’t perform any “controlled activity,” the bitcoin price has risen over the weekend.
Continue reading

share this article!