Several crypto heavyweights have taken time to school Tesla’s CEO Elon Musk on the value proposition of Bitcoin.
On Sunday, Musk, in his usual manner, tweeted about Dogecoin. However, his tweet provoked a terse response from several high-profile crypto figures, including MicroStrategy’s Michael Saylor.
Recall that on May 12, Musk announced that his company, Tesla (NASDAQ:TSLA), was no longer going to accept Bitcoin as payment for its cars. The announcement sent the price of Bitcoin and the entire crypto market crashing. 48 hours later, Musk was pledging his support for Dogecoin, revealing that he was “working with Doge devs to improve system transaction efficiency.”
Responding to a Twitter user on Sunday, Musk claimed that Dogecoin was superior to Bitcoin. According to him, “Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
Musk was replied by several pro-Bitcoin followers, including BlockTower Capital founder Ari Paul and MicroStrategy founder Michael Saylor. Paul asserted that what Bitcoin lacks in speed and transaction costs, it gains in security and decentralization.
...that existed 40 years ago. Bitcoin isn’t slow and expensive because of an engineering limitation. It’s slow and expensive because it prioritizes decentralization and security.— Ari Paul ⛓️ (@AriDavidPaul) May 16, 2021
Meanwhile, Saylor who has been one of the most vocal proponents of Bitcoin said that the world needs Bitcoin more than it needs Dogecoin.
The world needs a decentralized, secure, deflationary store of value like #Bitcoin much more than it needs the more centralized, less secure, inflationary medium of exchange that you describe above.— Michael Saylor (@michael_saylor) May 16, 2021