Cryptocurrency

Elon Musk Says Dogecoin is Better Than Bitcoin

Elon Musk Says Dogecoin is Better Than Bitcoin

  • Tesla CEO Elon Musk has claimed that meme cryptocurrency dogecoin is better for payments than Bitcoin
  • Musk claims that the transaction volume of bitcoin is low and the cost of transaction is more than that of its counterpart
  • Musk however believes that BTC is a better store of value and designed to a sound peer-to-peer financial system

Elon Musk, the CEO of Tesla Inc. has been known to throw his support behind meme cryptocurrency dogecoin.

Elon Musk

Earlier in October, the billionaire disclosed that he invested in Doge, Ether, and Bitcoin. However, to him, the meme-inspired cryptocurrency remains the best to transact with.

Speaking to Time Magazine on Monday after being crowned Time’s 2021 Person of the Year, Musk claimed that bitcoin is not a good substitute for transactional currency.

The Tesla boss said:

“Even though it was created as a silly joke, dogecoin is better suited for transactions.”

He went further to argue that the transaction volume of bitcoin is low, and the cost per transaction is high which makes it unsuitable for daily transactions.

Dogecoin

The world’s richest man believes that bitcoin is more suitable as a store value, which is why investors want to hold on to it rather than sell or use it for transactions.

On the other hand, he claimed that Dogecoin “encourages people to spend, rather than sort of hoard as a store of value,”.

Read also: Bitcoin Crashes Below $47,000 as Altcoins Show Red

Also, while Elon Musk expressed his bullishness on cryptocurrency, he was skeptical about it replacing fiat currencies.

According to be billionaire, there are however advantages of crypto over fiat. The major one being that fiat currency tends to get diluted by whatever government it is.

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