Jack Dorsey, Elon Musk Fight Over Crypto

A social media argument between tech CEOs is not something you see every day. Especially one featuring both Jack Dorsey and Elon Musk, the respective founders of Twitter and Tesla.

But, in the past few days, a fight over crypto – and Web3 – has emerged.

Dorsey started it. By attacking Web3, its billionaire investors and even Ethereum.

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Not one to miss out on a Twitter fight, Musk joined in. And, naturally, Musk used the opportunity to promote his favorite meme coin, Doge.

BTC vs ETH

Jack Dorsey, the former CEO of Twitter and the CEO of Block, drew ire for his recent remarks about Ethereum.

Ethereum is the second-largest crypto, trailing only Bitcoin by valuation. Many crypto investors think Ethereum could one day replace Bitcoin as the leading crypto.

Dorsey disagrees. In addition to being the CEO of Block, one of the largest fintech firms in the globe, he is also a Bitcoin maximalist. That means that he favors Bitcoin over any other crypto.

That’s why Block, a $76 billion fintech, also invests in projects that feature Bitcoin. In fact, the company changed its name to reflect its focus on crypto.

In particular, Dorsey claimed that Ethereum is a centralized crypto, as opposed to Bitcoin. He also said venture capitalists control it, and spread “corporate lies” about it.

The debate over whether Ethereum is decentralized enough is highly controversial in crypto circles.

This is especially true as it has financial implications for crypto holders. In particular, everyone has the incentive to back his own horse in the game. That applies to both Dorsey and his critics.

Musk’s Take

Not being one to miss out on an opportunity to troll, Musk weighed in as well.

He followed up on a tweet by Billy Markus, the creator of Dogecoin. Markus goes by the alias Shibetoshi Nakamoto on Twitter, a joke name referencing Bitcoin’s creator.

In particular, Markus said that he does not see that much of a difference between Bitcoin and the establishment. Bitcoin still gives power to “new rich people,” he said.

Musk, who is the richest person in history, agreed. He said, “that’s why I’m pro Doge.”

Doge is, at its core, a joke crypto. Its creator made it to make fun of low-quality crypto projects that want to scam their users.

Doge is a joke coin, and a proud one. Yet, it managed to reach an absurd valuation thanks to Musk tweeting about it.

However, it’s still usually best to not take Musk’s comments at face value. Musk, by his own admission, loves to full around on Twitter.

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