Bitcoin Cryptocurrency has been there for awhile and it enjoyed a big monopoly over other Crypto coins like etherium for many years. Other more environmental friendly Cryptocurrency coins like Dogecoin and Goat coin have soon emerged and are taking the Crypto market by storm.
According to Forbes, Tesla and SpaceX CEO, Elon Musk made alarming remarks recently concerning his support for Dogecoin over Bitcoin. He argued that Dogecoin is more environmental friendly than Bitcoin which uses a lot of power during its mining. Musk went on to reveal that he is going to support and invest in Dogecoin to make it a future global Cryptocurrency. Musk sold majority of his Bitcoin shares hence Bitcoin prices went down in the past week and it is projected they will continue to plunge.
If indeed Elon Musk will support Dogecoin and make it a universal Cryptocurrency for the future, this will be a big blow to Bitcoin as it will have a very strong competitor.
What do you think of the Cryptocurrency market situation.
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