Crypto

Dogecoin Is More Suited for Transactions Than Bitcoin: Elon Musk

Dogecoin Is More Suited for Transactions Than Bitcoin - Elon Musk

As Time Magazine names Elon Musk Person of the Year, he claims that Dogecoin is more suited for transactions than Bitcoin (BTC).

In a recent interview with Time Magazine, Elon Musk stated that Dogecoin is better suited for transactions than Bitcoin:

“The transaction volume of Bitcoin is low, and the cost per transaction is high. It is, at least, at its base level, suitable for…a store of value, but, fundamentally, Bitcoin is not a good substitute for transactional currency.”

He notes that while Dogecoin is “somewhat” inflationary, the percentage inflation of the meme coin declines over time:

“It encourages people to spend rather than hoard it as a store of value.”

Musk joins Facebook founder Mark Zuckerberg (2010) and Amazon founder Jeff Bezos as beneficiaries of Time Magazine’s Person of the Year award (1999).

The cover of the magazine closes off a year in which the South African native ruled. With a single tweet in early 2021, he managed to fuel the meme stock mania, as well as helping to make Dogecoin, a Bitcoin imitation that was founded as an ordinary joke, one of the most valuable cryptocurrencies.

Musk single-handedly drove up the price of Bitcoin (BTC) by forcing Tesla to buy $1.5 billion of the largest cryptocurrency and accept it for car purchases, only to send it tumbling down in May after his payment policy change.

Tesla reached a trillion-dollar valuation earlier this year, and Musk’s net worth surpassed $300 billion, cementing his position as the richest person in the world.

However, the company’s year was marred by controversy, from fatal crashes that raised questions about its technology to sexual harassment allegations. In the interview, Musk admits that Tesla’s autopilot needs “a lot of development.”

During the “space race” between Musk and fellow billionaire Bezos, Musk’s SpaceX is also about to launch its largest rocket yet.

With immature tweets, the entrepreneur poked fun at U.S. President Joe Biden and other important Democratic figures, including Vermont Senator Bernie Sanders.

Musk is a tremendously divided character, adored by tech bros and reviled by progressives alike, yet he is far from Time Magazine’s most divisive picks.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.