Cryptocurrency

Elon Musk Praises Dogecoin, Slams Bitcoin

Elon Musk Praises Dogecoin Slams Bitcoin

  • Elon Musk has praised meme coin Dogecoin once again, calling it “fundamentally better than anything else”
  • The long supporter of the meme cryptocurrency exalted the coin for having a higher transaction volume and lower cost than Bitcoin
  • He also discussed the identity of Bitcoin’s creator with pseudonym Satoshi Nakamoto

Tesla and SpaceX boss Elon Musk has claimed that Dogecoin is better than any other cryptocurrency.

The billionaire discussed this during a recent interview with Lex Fridman that was published on Tuesday.

Musk disclosed that his reason for meriting the dog-themed coin over Bitcoin is because it has a much higher transaction volume capability and lower transaction cost.

He claimed that in contrast, Bitcoin was not suitable for many small transactions since it could not be scaled to a high volume and incurred high transaction fees.

However, after the publication, many took to Twitter to remind the world’s richest man about Bitcoin’s Lightning network.

This is not the first time that Musk will praise DOGE at the expense of Bitcoin recently.

Elon Musk

During his interview after winning TIME’s “Person of the Year” award, he stated that Dogecoin is better for payment while Bitcoin is more useful as a store value.

Read also: Donald Trump Wealth Post Breaks Facebook Record for 2021

Elon Musk was also asked if he was Satoshi Nakamoto as some people believe him to be.

He denied being the Bitcoin inventor but gave his thought on who it might be.

The evolution of ideas is pretty clear for that, and it seems as though Nick Szabo is probably more than anyone else responsible for the evolution of those ideas.”

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