Spencer Schiff, a former goldbug and now an advocate for Bitcoin [BTC] finds it bizarre that Elon Musk is still so enthusiastically consumed by Dogecoin [DOGE].
Spencer Schiff, the son of an American stockbroker, financial commentator, and radio personality, Peter David Schiff, wonders why the Tesla CEO, Musk, cherishes the meme coin.
Elon Musk has been an evident supporter of the DOGE asset ever since 2019. He took to Twitter, not very long ago, to announce that his company, Tesla, will be accepting DOGE in exchange for some merchandise, specifics of the merchandise haven’t been mentioned though. Musk has always expressed his firm views of the altcoin and has been supporting cryptocurrency for a while now.
Elon Musk aware of Bitcoin Lightning Network, yet favors DOGE
The Time Magazine named Elon Musk ‘The Person of The Year” for 2021. The owner of the Bitcoin account, ‘Bitcoin Meme Hub’ posted a video of the interview and tweeted that it’s almost 2022 and the CEO of Tesla should know about the Bitcoin Lightning Network. Under this Twitter huddle , Spencer Schiff stated,
“He does. He’s mentioned it before. But for some reason he’s still obsessed with Doge, which is bizarre”
Lightning Network(LN) is a second layer to Bitcoin’s blockchain which is adduced to unblock it’s network by creating micro-payment channels between two parties, which makes the transaction faster, cheaper and more readily approved than those conducted directly on the Bitcoin blockchain. The scalability of LN is quite high, as capable as millions to billions of transactions per second across the network. According to Spencer Schiff, Elon Musk is aware of how Bitcoin LN functions, but he still calls the meme coin, Dogecoin his favorite.
Musk, in Time’s interview, said that Dogecoin is better for transactions in many ways. At the time of writing, Dogecoin was priced at $0.1827 and enjoys a bullish market with a soar of 1.75% in the last 24 hours.