Opinion: Elon Musk, Dogecoin’s Bored Champion; All Talk, No Play

Musk’s abandonment of Dogecoin serves as a warning to the entire crypto space, putting all hope into one “strong man” figure is dangerous. Crypto was designed to be decentralized and free from singular control, yet time and time again, investors rally behind powerful figures, giving them undue influence over the market. Instead of waiting for billionaires to deliver on empty promises, the Dogecoin community should focus on grassroots development, merchant adoption and decentralized governance. Dogecoin doesn’t need Musk and crypto doesn’t need a singular messiah figure. True legitimacy in the space comes from collective innovation, not from relying on erratic billionaires who jump ship when their interests shift elsewhere.

Image Source: Spitting Image, Season 1, Episode 2. Originally aired on ITV / BritBox, October 10, 2020.