- Bitcoin prices have strived this week since a sell-off spark by Tesla billionaire.
- Elon Musk and Ethereum co-founder Vitalik Buterin wipe $300 billion from the market.
- The bitcoin price has lost more than 20% over the last seven days.
Bitcoin and crypto prices beyond the board have suffered this week since a sell-off was sparked by Tesla billionaire. To be specific, Elon Musk and Ethereum co-founder Vitalik Buterin helped wipe $300 billion from the market.
Notably, bitcoin price has lost more than 20% over the last seven days, dragging down the entire crypto market. This took place for most top currencies, while the “joke” meme-based crypto Dogecoin recently rocketed into the crypto top five by value.
Now, Musk, the self-appointed techno king of Tesla has begun calling himself Dogecoin’s CEO. There are rumours that Tesla might have sold more of its bitcoin holdings, as Musk proposes radical dogecoin upgrades. He claims “Dogecoin needs to become the currency of Earth”—and can beat bitcoin “hands down.”
About this, Musk said via Twitter response to a post by a dogecoin fan account,
Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.
— Elon Musk (@elonmusk) May 16, 2021
To this, he added for those bad at math, 100X higher transaction volume with 100X lower fees means total fees earned stay the same. Low costs and high volume are needed to become the currency of Earth.
However, the proposal is similar to the one previously made by some bitcoin developers and enthusiasts. To that end, it culminated in the bitcoin network splitting in 2017, leading to bitcoin cash. Moreover, a so-called “fork” of bitcoin is better suited to a far more significant number of smaller transactions.