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    Home » Crypto News » Elon Musk Argues Dogecoin Better Suited for Payments Than Bitcoin

    Elon Musk Argues Dogecoin Better Suited for Payments Than Bitcoin

    Author: George Georgiev

    Last Updated Dec 14, 2021 @ 17:17

    Elon Musk argued, after becoming TIME Magazine’s person of the year, that Dogecoin is better suited for transactions than Bitcoin.

    Elon Musk was named the 2021 Person of the Year by TIME Magazine – a reward given to him for “creating solutions to an existential crisis, for embodying the possibilities and the perils of the age of tech titans,” and other worthwhile achievements.

    After receiving the reward, during the interview with TIME Magazine, Musk took the opportunity to talk about money. Naturally, he also spoke of cryptocurrencies and, more precisely, about Bitcoin and Dogecoin.

    • Before getting into the topic, Musk defended his credentials and argued that there are “very few people” that understand the nature of money better than him.

    I played a significant role in creating PayPal. My understanding of the money system at a fundamental level of how it actually works, the detailed mechanic of it, is, I think that there’s very few people who understand it better than me.

    • He then went on to talk about Bitcoin. He argued that the transaction volume of BTC is low and that the cost per transaction is high. He admitted that “at its base level” is suitable for a store of value.

    Fundamentally, Bitcoin is not a good substitute for transactional currency. – Musk concluded.

    • He then started talking about Dogecoin and arguing that “even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transactional flow you can do with Dogecoin is […] much higher than Bitcoin.”
    • Musk also said that DOGE is slightly inflationary, but that said inflation is a fixed number as opposed to being a percentage. Hence it will be diminishing in time.
    • Not long after he made this statement, he also tweeted that Tesla will start accepting DOGE for some merchandise, catapulting its price considerably.

    Featured image courtesy of People

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    Tags: Bitcoin Doge Dogecoin Elon Musk
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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