Musk unexpectedly supports Ethereum founder's "amazing" plan to upgrade Dogecoin with Ethereum

Elon Musk, the billionaire CEO of Tesla, who invested $1.5 billion in Bitcoin this year, helping the price of the digital currency reach unprecedented highs, now appears to have abandoned the world's largest cryptocurrency by market value in favor of Ethereum and Dogecoin.

Musk tweeted this week, “I couldn’t agree more with Vitalik,” in response to a YouTube interview with Ethereum co-founder Vitalik Buterin by artificial intelligence researcher and podcaster Lex Fridman.

In an interview with Ethereum’s de facto leader, Friedman asked Vitalik Buterin whether it would be possible for Dogecoin (DOGE) to “beat Bitcoin” in existence, as Musk has previously suggested.

“If Dogecoin wanted to connect to Ethereum in some way so people could transact thousands of Dogecoins per second… that would be amazing,” Buterin said. “If they wanted to just do a zkRollup type of technology and just do thousands of transactions per second on their own chain, that would also be a great outcome.”

“There’s a power behind people like Elon Musk who are driving cryptocurrency,” Friedman said. “Is there a way to harness that power and momentum to improve Ethereum?”

Buterin responded, “I think it would be amazing if we could have a secure doge-to-ethereum bridge, and then when ethereum gets whatever scalability that applies to ethereum assets, you would be able to trade dogecoin with very low transaction fees and very high speeds.”

Ethereum, the second-largest cryptocurrency after Bitcoin, late last year began a long-awaited upgrade that its developers hope will reduce its excruciatingly high fees and speed up its heavily congested blockchain. However, Ethereum's upgrade to a so-called proof-of-stake token creation and transaction validation model, rather than Bitcoin's proof-of-work model, is expected to take years to complete, and in the meantime a host of Ethereum competitors are vying for market share.

Last month, Musk suggested in comments that the Dogecoin blockchain network should "speed up" and "lower" fees to become "the currency of the planet." He recalled the Bitcoin blockchain network's "civil war" in 2017, which split the community and gave rise to the payment-focused cryptocurrency "Bitcoin Cash" (BCH).

Dogecoin’s price has surged thousands of percentage points this year to a market value of nearly $50 billion on the back of Musk’s endorsement, who said he sees a “battle” between government-backed fiat currencies and protocol-based cryptocurrencies.

However, Vitalik Buterin warned against attributing any “deeper intentions” to Musk’s comments about Dogecoin, as Musk himself has said that his comments about Dogecoin should not be taken seriously.

“I think it would be a mistake to attribute any complex malicious intent or deep intention to this whole process,” Vitalik Buterin said. “Elon is just a guy who likes dogs like me.”

Musk, who has said he plans to "send Dogecoin to the moon" on his rocket company SpaceX's "DOGE-1 moon landing" early next year, has single-handedly sent bitcoin and cryptocurrency prices on a roller coaster ride this year.

In February, Musk announced that Tesla had purchased $1.5 billion worth of the cryptocurrency Bitcoin, sending the price of Bitcoin soaring. Soon after, the company said it would accept Bitcoin as a payment method, but Tesla's Bitcoin ambitions would be weakened by Bitcoin's large carbon footprint, which also greatly suppressed the price of Bitcoin, leading to a sharp drop in the price of Bitcoin.

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