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Elon Musk is SO STUPID that He Supports Dogecoin Over Ethereum

The bitcoin and cryptocurrency community has this week been locked in a blazing row over the development of web3—the idea a decentralized crypto and blockchain-based version of the internet could replace the Silicon Valley-centric web 2.0.

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The bitcoin price has climbed this week, helped by former Twitter TWTR chief executive Jack Dorsey who trashed the ethereum-based web3 vision and made a bold bitcoin prediction.

Now, Tesla TSLA billionaire Elon Musk, who's this year called for dogecoin developers to upgrade the meme-based cryptocurrency in order to better compete with bitcoin and ethereum, has weighed in on the web3 row—revealing why he's "pro doge."

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MORE FROM FORBESCrypto Price Prediction: Exchange CEO Warns 2022 Could See Bitcoin Crash Amid Huge Ethereum, BNB, Solana, Cardano And XRP Sell-OffBy Billy Bambrough Tesla billionaire Elon Musk has this year adopted bitcoin rival dogecoin as something of a pet ... [+] project, helping its price soar at a far faster clip than either bitcoin or ethereum. Getty Images

"My goal is to build stuff and make money and have fun," dogecoin cofounder Billy Markus said via Twitter. "I’m used to the corporate establishment and don’t really see any meaningful break away from it—bitcoin just gives power to new rich people."

"That’s why I’m pro doge," Musk replied, adding to a conversation between Dorsey and others on the direction of crypto technology. New research has recently revealed that just 0.01% of bitcoin holders control 27% of the bitcoin in circulation.

Musk was instrumental in the huge bitcoin price rally this year, settin...

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