“New Gold”: Dogecoin Founder Responds to Elon Musk’s Tweet, Hinting at Bitcoin
In a recent exchange on Twitter, Billy Markus, the co-creator of Dogecoin, responded to a tweet by Elon Musk, hinting at the significance of Bitcoin mining equipment. Musk had shared a meme about a knight seeking to obtain gold from a dragon, only to discover that the dragon’s wealth lies in the productive capacity enabled by new technologies.
Markus replied to Musk’s tweet with an animated GIF of a cooler fan, describing it as “the new gold.” Observers noted that the GIF bears resemblance to the cooling systems used in ASIC miners, which are essential for Bitcoin mining and other Proof-of-Work-based cryptocurrencies like Dogecoin.
Musk has been a vocal supporter of Dogecoin and has had correspondence with Markus in the past. In 2021, Musk announced that Tesla would accept Bitcoin as payment for its electric vehicles and made a significant investment of $1.5 billion in Bitcoin. However, Tesla later suspended Bitcoin payments due to environmental concerns, causing a temporary drop in BTC’s value. Musk stated that Tesla would resume accepting Bitcoin when miners’ energy usage shifted to renewable resources. Notably, Tesla and Musk’s other company, SpaceX, still hold BTC in their portfolios.
While Dogecoin is accepted by both Tesla and SpaceX, it remains to be seen how its value will be affected by Musk’s continued interest in Bitcoin and other cryptocurrencies.