Elon Musk, along with the founder of DOGE, said that cryptocurrencies may not be able to withstand competition

Billionaire and Tesla CEO Elon Musk has supported the co-founder of the Dogecoin meme cryptocurrency Billy Marcus, as they came to a common conclusion that the situation on the cryptocurrency market could become even worse in the future.

Billy Marcus, known on Twitter as Shibetoshi Nakamoto, posted a tweet saying: «Any situation can always get worse.» Users saw this as a hint at the state of affairs in the crypto space. Elon Musk supported this point of view, which means that the billionaire is obviously ready for a collapse of digital assets.

🤣👍

— Elon Musk (@elonmusk) September 21, 2022

As it has become clear today, cryptocurrency investors have a reason to worry — the Fed has raised interest rates by 75 basis points. In this way, the US is trying to fight the huge inflation that has arisen against the backdrop of the escalating Russian-Ukrainian war. Obviously, inflation in the United States has a negative impact on the entire world, as well as on the traditional and cryptocurrency markets.

Regarding the relationship between Elon Musk and Billy Marcus, which often affects the DOGE rate, in early August, Marcus posted a tweet saying that he no longer likes Elon Musk — all because of negative information about the billionaire in the media. According to Billy Marcus’s tweet, the developer used to be impressed by Tesla CEO, but after some media publications that covered Elon Musk from a negative angle, he was forced to «dislike» the billionaire. According to Elon Musk, the media deliberately generate negative content about famous people like him in order to get more clicks and shares. The billionaire emphasized that the «media's hatred» for him will cease to be popular as soon as users stop reading «yellow articles».