June 27, 2022

Elon Musk, the TIME’s Person of the Year, Still Prefers Dogecoin Over Bitcoin As Transactional Currency

2 min read

Dogecoin

The world’s wealthiest male Elon Musk has been named as the TIME’s Person of the year 2021 on Monday, December 13. Mr. Musk who has often had frank viewpoints about digital properties once again shared his opinions during an interview with TIME Magazine.

As we understand, Elon Musk has actually been mainly favoring the meme-inspired cryptocurrency Dogecoin (DOGE) for a very long time period. He also kept in mind that he has some part of his investments in DOGE apart from Bitcoin (BTC) and Ethereum (ETH).

During his recent interview, Musk stated that he would prefer Dogecoin over Bitcoin or any other cryptocurrency for transactional purposes. He even more included:

“Fundamentally, bitcoin is not a great replacement for transactional currency. Although it was developed as a ridiculous joke, dogecoin is better fit for transactions. [T] he deal volume of bitcoin is low, and the cost per transaction is high”.

Bitcoin More Suitable As a Store-of-Value

While that Musk favors DOGE over BTC, he isn’t important of the world’s largest cryptocurrency. Musk says he thinks Bitcoin to be more suitable as Store-of-Value. That is why investors generally hold on to it and not offer it or utilize it for transactions, he keeps in mind.

He even more included that Dogecoin, on the other hand, is a currency that “motivates individuals to invest, instead of sort of stockpile as a store of value”. While some Bitcoin advocates would also consent to the fact that Bitcoin serves as a shop of worth. On the other hand, countries like El Salvador have made Bitcoin a legal tender thereby assisting in daily BTC deals.

Elon Musk is general bullish about cryptocurrencies but he doubts that they will replace fiat. “I’m not a huge hater of fiat currency like many in the crypto world are,” he added. But he keeps in mind that crypto has a reasonably greater benefit over fiat. He mentioned:

“There are benefits with crypto relative to fiat, in that fiat currency tends to get watered down by whatever federal government it is. It ends up being a pernicious tax on individuals, particularly those who have money cost savings with dilution of the cash supply.”

The post Elon Musk, the TIME’s Person of the Year, Still Prefers Dogecoin Over Bitcoin As Transactional Currency appeared initially on Coingape.