Dogecoin is Better Than Bitcoin For Payments, Elon Musk Declares
Industry News
Elon Musk, the CEO of Tesla, feels that Bitcoin isn’t as suitable for everyday payments as Dogecoin, a meme-based cryptocurrency.
In a Time Magazine interview shortly after being chosen Person of the Year for 2021, Musk compared Bitcoin, the world’s largest cryptocurrency, to DOGE.
“Bitcoin is not a good transactional cash alternative. Although it was designed as a joke, Dogecoin is more suitable for transactions. Dogecoin’s entire transaction flow, such as transactions per day, has a far bigger potential than Bitcoin,” Musk stated.
The Tesla CEO stressed that Bitcoin is better suited as a store of wealth, which is why investors prefer to hoard it rather than sell it or use it for transactions. “Bitcoin’s transaction volume is limited, and the cost per transaction is expensive,” Musk explained.
On the other hand, Musk warned that Dogecoin isn’t the best store of wealth, saying that the cryptocurrency is “somewhat inflationary.” However, he stated that this “encourages people to spend rather than hoard as a store of wealth.”
Due to Musk’s strong social media advocacy, DOGE has risen to become one of the best-performing cryptocurrencies in 2021.
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