Tesla CEO Elon Musk, who has been named Time Magazine’s Person of the Year, says bitcoin is suitable as a store of value while the meme cryptocurrency dogecoin is more suitable for transactions. “Even though it’s created as a silly joke, dogecoin is better suited for transactions,” Musk said.
Time magazine’s Person of the Year says Bitcoin is suitable for store of value, Dogecoin for transactions
Tesla and Spacex CEO Elon Musk, the richest person in the world, was named Time Magazine’s “Person of the Year” for 2021. In an interview with the magazine, published Monday, Musk spoke about bitcoin (BTC) and dogecoin (DOGE) cryptocurrencies.
“For nearly a century, Time has named a Person of the Year — the individual or group who most shaped the previous 12 months, for better or for worse,” CEO Edward Felsenthal explained. “Person of the Year is a marker of influence, and few individuals have had more influence than Musk on life on Earth, and potentially life off Earth too,” he added. Musk’s net worth is more than $300 billion.
“I played an important role in the creation of Paypal, so my understanding of the monetary system at a fundamental level, how it actually works, its detailed mechanics – I think there are very few people who understand it better than I do. “Musk began. .
The Tesla CEO then suggested that bitcoin is unsuitable for payments. “The transaction volume of bitcoin is low and the cost per transaction is high,” he said, emphasizing:
It is, at least at its basic level, suitable for perhaps a store of value.
While reiterating that “Fundamentally, bitcoin is not a good substitute for transactional currency,” Musk proceeded to talk about dogecoin (DOGE).
The Tesla boss has long been a supporter of cryptocurrency meme. He is even known in the crypto community as the Dogefather. He previously revealed that he personally owned Dogecoin, Bitcoin, and Ether. His companies – Tesla and Spacex – however, only own bitcoins.
The Tesla technoking said in the interview with Time Magazine:
Even though it’s created as a silly joke, dogecoin is better suited for transactions.
The CEO of Tesla and Spacex continued to explain about dogecoin. “It is slightly inflationary but that inflationary number is a fixed number as opposed to a percentage,” he described. “That means over time its percentage inflation actually decreases and that’s actually good because it encourages people to spend rather than sort of hoard it as a store of value.”
Musk previously explained that he views DOGE as the people’s crypto and that everyone he talks to at Tesla has dogecoin. In August, he agreed with Shark Tank star Mark Cuban, owner of the NBA Dallas Mavericks team, that “the doge’s community is strongest when it comes to using it as a medium of exchange. “.
