Elon Musk, or rather we should say, the “DogeFather” has recently shared his thoughts on the future of Dogecoin and said that it has the potential to beat Bitcoin if a reformation is performed. The Tesla CEO is not leaving Dogecoin and in response to a comparison between Dogecoin and Bitcoin, he said the meme coin needs major alterations to beat Bitcoin.
Elon Musk Believes Dogecoin Will Beat Bitcoin
In a recent tweet of Elon Musk, it was revealed that the CEO of Tesla and SpaceX is positive for the future of the meme coin. He said:
“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
Moreover, he backed his statement while arguing with another user who was claiming that the larger blocks and low fees of the Dogecoin network will make it vulnerable to attacks.
In response to this, Musk said:
“For those bad at math, 100X higher transaction volume with 100X lower fees means total fees earned stay the same. Low fees & high volume are needed to become the currency of Earth.”
Musk has long touted the meme coin as the next big thing to happen in the crypto industry.
SpaceX to Launch DOGE-1 Payload Paid for Entirely in Dogecoin
Last week, he made an announcement that SpaceX, his space exploration company will launch DOGE-1, the first-ever commercial Lunar payload paid for entirely in Dogecoin making it the first-ever meme coin in space.
In addition to this, it has also been revealed that Musk has been in touch with the developers of Dogecoin since the year 2019 and has already increased the efficiency of the blockchain.
Moreover, this week, Tesla discontinued the usage of Bitcoin in payments on environmental grounds, ultimately leading to the reduction in the price of the coin and the crypto market at large.