Elon Musk, CEO of Tesla and SpaceX, has rejected the idea that the bridge between the Dogecoin network ($ DOGE) and Ethereum ($ ETH) is essential for the growth of the utility of the meme-influenced cryptocurrency.
Musk responded to social media proposals made by DOGE co-founder Billy Markus to get several companies to accept DOGE payments and increase the use of DOGE as drinking money, and Musk said the bridge between Dogecoin and Ethereum is “not necessary.”
A bridge between the Dogecoin and Ethereum networks, according to Billy Markus, would allow the use of a meme-influenced cryptocurrency with so-called web3, or distributed network protocols.
These protocols include decentralized exchanges and money markets, as well as non-fungible token (NFT) marketplaces and gambling-earning games. At the time of writing, more than $ 80 billion worth of cryptographic assets consisting of the web3 protocol have been locked into the decentralized financial space (DeFi) of the Ethereum block chain.
However, Musk agreed with Mark that more companies that accept DOGE payments would help the utility of the cryptocurrency, but said it would be “nice to have” to use DOGE as a tip.
Tesla’s CEO is a well-known supporter of the meme-influenced cryptocurrency in particular. The price of DOGE rose earlier this week after it was announced that Twitter’s board had agreed to Elon Musk’s $ 44 billion takeover bid to effectively manage the microblogging platform for Tesla and the CEO of SpaceX.
Twitter chairman Bret Taylor said in a statement that the government “conducted a thoughtful and comprehensive process to evaluate Elon’s proposal, consciously focusing on value, certainty and funding,” and added to the deal.offers a substantial cash reward, and we believe it ‘s the best way for Twitter shareholders. “
Twitter shareholders will now receive $ 54.2 in cash for each share of Twitter common stock they own, as Musk’s offer represented a 38% premium over the company’s closing price at the beginning of the month. If completed, it will be one of the largest leveraged purchases in history.
Musk is a well-known supporter of Dogecoin who has worked with developers to improve the cryptocurrency. Together with the creator of DOGE, Musk has insisted McDonald’s accepts payments in a meme-influenced cryptocurrency and has hinted that SpaceX – a company he also owns – could soon accept payments at DOGE.
On his website, his electric car manufacturer Tesla accepts DOGE payments for certain products, such as the “cyberwhistle,” the “Giga Texas” belt buckle, and the “cyberquad” quad bike for children. Musk has suggested Twitter could use DOGE as a payment method.
Vladimir Tenev, CEO of Robinhood, a commission-free trading platform, recently outlined how DOGE could become the “currency of the future of the Internet.”
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h/t – CryptoGlobe