Elon Musk Has Explained Why He Thinks Bitcoin (BTC) Is Centralized

Elon Musk, the Space X and Tesla CEO, on Sunday, May 16, attacked BTC for being too centralized right after Peter McCormack, a seasonal podcaster, criticized him for taking sides with DOGE (Dogecoin) too much and spreading wrong information about the leading digital asset in the crypto space.

As everyone knew, on Wednesday, 12th May, the Space X and Tesla CEO shocked the world by expressing his displeasure on the massive usage of fuel on Bitcoin mining. He further mentioned that Bitcoin would not be a form of payment in Tesla till the mining operations transited to sustainable energy.

The following day, Elon Musk revealed that talk is ongoing with the developers of Dogecoin to further reduce the rate of consumption of power for the mining of the meme-coin.

It was reported on Friday, 14th May, one of the DOGE developers working part-time, Ross Nicoll, spoke in an interview that: “Elon Musk has been in talks with the DOGE developers since 2019 and has encouraged them to make the higher transaction throughput better through numerous input and advice. He also shared his expansive phonebook.”

Nicoll also made about three things known in the interview. First, he said that the team of developers he is working with is keen on reducing the power consumption of Dogecoin. The second point he raised was on Elon Musk’s connection with the team of DOGE developers since April 2019 when he said Dogecoin could be his favourite crypto. However, he added that Elon Musk offered to fund the team, but the offer was rejected (just the way the other offers from other influential backers were rejected.)

One of the supporters of Dogecoin, @itsALLrisky, explained on Twitter yesterday the reasons he believes DOGE (that Musk called the ’People’s crypto’) is much better than BTC. Elon Musk, however, replied to the tweet and mentioned that if the developers of Dogecoin can implement his three suggestions, the coin will beat Bitcoin in any way. His suggestions include 100X lower transaction fees, 10X larger block size, and 10X faster block production rate.

Today, however, McCormack kicked back at Elon Musk for rendering so much support on the meme-coin, which in his opinion could cause big losses for the ill-informed $DOGE investors and also could go as much as destroying the reputation of Bitcoin and its ecosystem.

This comment angered Musk, and he responded that the accusations might make him go all-in on $DOGE. He then went further to explain the reasons why he believes BTC is very centralized.

Leave a comment