Elon Musk's ‘Money’ Statement Triggers DOGE Team’s Supportive Response

Dogecoin Responds to Elon Musk's Remarks on Money and the Economy

Cover image courtesy of U.Today

The official Dogecoin account on Twitter recently responded to a tweet by Elon Musk, in which he discussed the nature of money and the economy. The Doge team echoed Musk's sentiments, adding their own perspective on the role of memes.

Elon Musk's Statement:

"Money is just a database for exchange of goods and services. It doesn't have power in & of itself. A person stranded on a desert island would find a billion U.S. dollars in their bank account worthless there and would rather have a can of soup."

DOGE Team's Response:

"The real economy is not money, it is goods & services."

"Money is just a metaphor for value that exists in the minds of those who utilize it. A meme if you will."

Breakdown:

Musk emphasized that money is essentially a tool for facilitating transactions, rather than possessing inherent value. He drew an analogy to a stranded individual on a desert island, who would prioritize basic necessities like food over monetary wealth.

The Dogecoin team concurred with Musk's definition, stating that money can be seen as a representation of perceived value within a certain social context. They extended this concept to include memes, which form the foundation of Dogecoin's existence.