Elon Musk has been one of the leading voices in the crypto space. His companies represent innovation, technological advancement, and maybe even the future of software. Musk is constantly thinking ahead, looking for ways to improve processes, and anticipating what could be in the future. Over the past few years Elon has been vocal in his praise for cryptocurrency and blockchain technology so we decided to look at his statements and give our take on where the future of digital currency may be headed.
Here are the five crypto currencies that Elon Musk has either be on interviews discussing or mentioned on his twitter account:
Musk made it clear that Dogecoin is by far his favorite cryptocurrency after Bitcoin. “It’s such a plus to the whole space. It’s already reached so many people and it’s already done so much for charity too…The fact that most people know about Dogecoin proves how much of an impact cryptocurrency can have…I’d say Dogecoin is my favorite cryptocurrency”. This was one of his statements during a press conference before he allowed Tesla to accept Dogecoin as payment for their entire vehicle line.
It is important that we know what Dogecoin is. Dogecoin is a decentralized peer-to-peer currency created in 2013 by Billy Markus and Jackson Palmer. It is based on the Litecoin protocol and uses Scrypt as a proof-of-work algorithm.
Here are some reasons why you should consider investing in Dogecoin:
- This is one of the most stable cryptocurrencies in existence.
- It has an enthusiastic community backing it up.
- It’s cheap and easy to buy.
Due to the support for this coin, even though it started off as a meme coin, there were a lot of benefits that individuals could utilize with it. Because of this, Elon was able to see actual value that others over looked for years.
Elon stated that he believes it is possible that Bitcoin will become the single global currency in the future. He also stated that he thinks it’s possible for Bitcoin to reach a million dollars per coin, which is still possible even with the current drop in the crypto market. Most notably, he predicted that there will be a universal currency one day, which will be based on gold and silver with no government controls.
Bitcoin is also an asset that will hold its value over time because it can be used as a store of value and as a medium of exchange. In other words, it can be used to buy things and send money quickly around the world without going through banks or other intermediaries like PayPal. With his creation of PayPal, this is where we believe he sees value as he was one of the creators of a system to allow for secured online purchasing before that was ever a thing.
The other reason Bitcoin is such a good investment is that it has been growing in popularity over the last ten years. As more people use Bitcoin, demand for it will continue to grow. This means that if you buy Bitcoin today at $20,000 per coin, there is a good chance that it will increase significantly in value over time since more people will want to use it when they realize how easy it makes to send money around the world or paying for goods online with small fees involved (gas fee).
Musk is of the opinion that ETH will continue to increase in value because of its use case as a money transfer platform. The Tesla and SpaceX CEO has likened Ethereum to Bitcoin in the past and said that it has better ways of being useful as compared to BTC.
Ethereum is a platform and a programming language that makes it possible for any developer to build and publish next-generation decentralized applications.
Here are some reasons why Musk thinks Ethereum is a solid investment:
Ethereum has some unique features that make it more valuable than other cryptocurrencies. It’s designed to be more flexible than Bitcoin, meaning it can be used as a platform for building new applications on top of its blockchain network. It also makes it easier for developers to create their tokens or cryptocurrencies.
Ethereum also benefits from having many developers working together on its open-source code base, which isn’t true for most other cryptocurrencies today. Having so many developers contributing to your project ensures that bugs get fixed quickly, security holes get patched up right away, and new features get added often enough to keep things interesting!
Due to Ethereum being cheaper than Bitcoin currently, there is a lot of room for new investors to invest and purchase a larger amount than that of Bitcoin.
Elon Musk has made a series of bold predictions about the future of cryptocurrency, and his latest one is going to be very important in determining the future of the market. If a $1 Shiba Inu, which is a new kind of crypto asset, takes off, everyone who got in early on the Shiba Inu train could see huge returns on their investment. While $1 for Shiba Inu is a very far fetch as the market cap would be drastically bigger than Bitcoin, there is a lot of discussion stating that it could hit $0.01 which for early investors will result in higher than a 90,000% return.
Shiba Inu is a solid investment because hundreds of thousands of people have used it as their favorite meme and meme coin. Due to this and the current support from the fans behind Shiba Inu, the founders are finding applicable places to use this coin which in the long run will result in a large return for investors which is why Elon is very heavy in the investment side of it.
Though Hedera Hashgraph has received a lot of criticism for its centralized governance, Elon Musk believes that the technology is more advanced than the Blockchain. Elon Musk stated that he is not an investor in Hedera Hashgraph but he is optimistic about the future of the platform and predicts it to be a better alternative to Blockchain. With this, he did state that he has been looking at it heavily and as we know with most investors, there is merit in researching something before purchasing and due to him mentioning it a few times, this might be a crypto that he ends up buying in the later part of 2022.
Hedera Hashgraph is one of the most promising and exciting cryptocurrencies on the market today. The Hedera Hashgraph Platform is a public distributed ledger technology (DLT) that enables high-performance decentralized applications (dApps).
Here are some reasons why Hedera Hashgraph is a solid investment:
The company behind Hedera Hashgraph has hired a team of top engineers from Google and Facebook to build a platform that can scale at unprecedented rates while still maintaining its decentralized nature.
Hedera Hashgraph is the only DLT built from the ground up with enterprise-grade performance in mind. It can handle more than 10,000 transactions per second (TPS) while remaining secure and decentralized.
While the principal goes against what is loved in the crypto currency world, this is what will be needed in the future for banks, governments, and the mass population for utilization.
Elon Musk’s predictions indicate that he is a crypto enthusiast and plans to take measures to make sure that humanity will have at its hands an option to move toward cryptocurrency in coming times. These are laudable objectives, and the entrepreneur backed by companies like Tesla might be the one to support this movement more than anyone else. We look forward to his new moves, as his tweets from the past few days show that he is doing more than talking about it.