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10.01 - 19:57
Elon Musk hints he's a dogecoin fan because bitcoin just gives power to new rich people
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Ringo H.W. Chiu/AP
Elon Musk has hinted his support for dogecoin comes from the fact the meme coin is powered by a disruptive, grassroots community — unlike bitcoin, with its Wall Street establishment backers.
The Tesla CEO was weighing in on a Twitter discussion about who has power in the crypto world, carried out by bitcoin enthusiast Jack Dorsey and dogecoin creator Billy Markus, among others.
Dorsey elaborated on why he's critical of venture capital's influence on Web3, the next generation of the internet that underpins the likes of the metaverse.
The Block CEO and Twitter cofounder said while he isn't against the Ethereum blockchain, which is at the core of decentralized applications within the Web3 vision, he is opposed to corporate
Read more on markets.businessinsider.comAbout this in other media
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