Tesla and SpaceX CEO Elon Musk has explained why he remains a strong supporter of Dogecoin, joining a Twitter thread with Dogecoin co-creator Billy Markus and former Twitter CEO Jack Dorsey. The conversation centered on Web3, Ethereum, and the concept of decentralization, sparking heated debates across the crypto community.
Why Musk Is Pro Doge: 'The People's Crypto'
Markus wrote: "My goal is to build stuff and make money and have fun. I’m used to the corporate establishment and don’t really see any meaningful break away from it ~ Bitcoin just gives power to new rich people." Musk replied simply: "That’s why I’m pro Doge." He elaborated that Dogecoin, unlike Bitcoin, is not dominated by wealthy elites or institutional investors, making it more accessible and relatable to everyday people.
In October 2021, Musk revealed a different reason behind his support: "Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge — it felt like the people’s crypto." Musk sees Bitcoin as a store of value, while Dogecoin is best suited for transactions. In December 2021, Tesla announced it would accept DOGE for payments, further solidifying his commitment.
Jack Dorsey: Not Anti-ETH but Anti-Centralized Lies
In the same thread, Jack Dorsey clarified his position: "I’m not anti-ETH. I’m anti-centralized, VC-owned, single point of failure, and corporate-controlled lies. If your goal is anti-establishment, I promise you it isn’t Ethereum. Don’t believe or trust me! Just look at the fundamentals." Dorsey has repeatedly warned that Web3, as currently hyped, is being co-opted by venture capitalists, undermining its original promise of decentralization.
Musk also expressed skepticism about Web3, tweeting earlier in December: "I’m not suggesting Web3 is real – seems more marketing buzzword than reality right now." He followed up: "Has anyone seen Web3? I can’t find it." Both Musk and Dorsey share concerns about centralization risks in the emerging Web3 narrative, though they differ on specific projects.
Musk's Crypto Portfolio and Influence
Musk personally holds Bitcoin, Ethereum, and Dogecoin. Known as the "Dogefather" in crypto circles, his influence has often moved markets. In addition to Tesla accepting DOGE, SpaceX plans to launch a "DOGE-1" mission to the moon. Musk's advocacy has elevated Dogecoin from a meme coin to a legitimate payment option, despite ongoing criticism about its inflationary model and lack of development.
The debate over Web3, Ethereum, and true decentralization continues to evolve. Musk and Dorsey's perspectives highlight a fundamental tension between idealistic visions and corporate realities in the crypto space. As two of the most prominent figures in technology, their words carry weight — and their skepticism toward VC-driven Web3 may shape how the industry develops.
What do you think about Musk’s Dogecoin comments and the broader Web3 debate? Let us know in the comments. Note: This article is based on public reports from December 2021 and is for informational purposes only.