Elon Musk Discusses Major Dogecoin Improvements, Confirms No Investment in Shiba Inu –

Tesla CEO Elon Musk has shared what he believes are the most important Dogecoin improvements. He also clarified that he has nothing to do with the Dogecoin Foundation and does not invest in the Shiba Inu (SHIB) token. Musk confirmed that he only holds three cryptocurrencies.

Elon Musk on Dogecoin Improvements, Shiba Inu Token

Tesla and Spacex CEO Elon Musk posted several tweets on Sunday about cryptocurrency, Bitcoin, Dogecoin and the Shiba Inu token.

Regarding Dogecoin's improvements, he was asked if he had been in contact with the Doge development team recently. While Musk admitted he hasn't interacted with them recently, he shared:

What matters imo is reducing fees, reducing block time and increasing block size. A single layer network with switches as the de facto layer 2 seems to be the simplest solution for a switching medium.

Dogecoin co-creator Billy Markus chimed in and responded to Musk's Doge improvement tweet. He emphasized that in his opinion “it is enough that Dogecoin is fast, scalable and inexpensive,” adding that “it doesn’t have to be another blockchain that hosts NFTs or other tokens or whatever.” Musk responded with a “hundred point” symbol.

Additionally, Musk responded to another Doge supporter who asked, “Do you think if Dogecoin achieves the goals you have laid out here, then it could be more practical and efficient than something like the Lightning Network as a medium of exchange?”

The Tesla executive replied: "Possibly. Bitcoin was designed at a time of relatively low bandwidth and high latency. If both continue to improve significantly, we will reach a point where a second layer is not needed."

In August, Musk agreed with the billionaire owner of the NBA team Dallas Mavericks, Mark Cuban: “The community for Dogen is that strongest when it comes to using it as a medium of exchange.”

Musk also made it clear on Sunday that he had nothing to do with the Dogecoin Foundation in response to a comment on Twitter that said: "Jared Birchall represents Elon Musk, but as all advisors he does not have direct voting rights. This guarantees that the foundation remains independent while leveraging the expertise of shibes like Elon." The Spacex CEO wrote:

Neither Jared nor I nor anyone I know has anything to do with this foundation.

The Dogecoin Foundation restarted in August. Its website lists Jared Birchall as one of its four board advisors and describes him as Musk's "legal and financial advisor." Other board advisors include Markus and Vitalik Buterin of Ethereum.

Musk was asked how much Shiba Inu (SHIB) he holds. The Tesla technology simply replied, “None.”

In addition to SHIB, Musk was asked if he had interests in several other cryptocurrencies including FLOKI, the character named after his Shiba Inu puppy.

Instead of responding to every coin, Musk confirmed that he just obsessed Bitcoin, Ether and Dogecoin. “Out of curiosity, I acquired some ASCII hash strings called ‘Bitcoin, Ethereum & Doge.’ That’s it,” he affirmed. "As I said, don't bet the farm on crypto. True value comes from building products and providing services to those around you, not money in any form."

Musk previously said that his companies, Spacex and Tesla only owned Bitcoin. The electric car maker released its Q3 earnings report this week, showing: $1.26 billion in BTC.

What do you think of Elon Musk's tweets? Let us know in the comments section below.

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