The co-creator of the cryptocurrency Dogecoin has hit out at Elon Musk after Musk described the cryptocurrency as a 'grift'.
Musk, the founder of SpaceX and Tesla, and one of the richest people in the world, made the comments as host of Saturday Night Live.
Musk himself is one of the key promoters of Dogecoin and has even before coined himself the 'Dogefather'. The cryptocurrency, which operates using the same system as Bitcoin, is based around a dog meme and in this year alone has increased its value by over 1000%.
Jackson Palmer, co-creator of Dogecoin, said of Musk:
"Reminder: Elon Musk is and always will be a self-absorbed grifter."
Jackson Palmer, hidden for years,
— notsofast (@notsofast) May 14, 2021
steps out from the shadows
executes a headshot with brutal precision
and fades back in 🙌 pic.twitter.com/JWJErWmPeV
He later added:
"SNL episode was cringe, bro."
It was one of the few tweets or public messages that have ever been put out by the Dogecoin founder, who prefers to keep a low profile.
Palmer later stated that he no longer has any active involvement in Dogecoin. He said on his website:
"Additionally, I have not been involved with the Dogecoin project or the cryptocurrency space in many years. I do not have any thoughts to share on these topics."
Elon Musk has been one of the key proponents of cryptocurrencies and his firm Tesla even bought $1.5 billion worth of the cryptocurrency earlier this year. In fact, Tesla made more money through the appreciation of their Bitcoin holdings in a few months of 2021 than they did through an entire year of car sales in 2020.
However, Musk has since announced that Tesla will no longer be taking Bitcoin as payment for Teslas, citing the fact that Bitcoin consumes a huge amount of energy to keep the blockchain running. It is thought that at present Bitcoin is consuming more energy than the entire nation of Portugal.
Since Musk's appearance on Saturday Night Live, in which he also stated that he has Asperger's syndrome, the value of his company and holdings have fallen by $20 billion.
It is unclear if Musk dismissing cryptocurrencies will affect their long-term value.
[h/t: Futurism]
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