Elon Musk has recently expressed his opinion on the cryptocurrency market. He believes that dogecoin is better than bitcoin.
Elon Musk has been one of the most outspoken people in the cryptocurrency space. He has made a few different statements about what he believes cryptocurrencies to be and how they are trying to solve problems that traditional currencies cannot.
Elon Musk, Tesla’s CEO, has sparked another round of controversy. He said that dogecoin is better than bitcoin in various areas this time.
Bitcoin isn’t a suitable transaction currency replacement. Even though it was created as a joke, Dogecoin is more suitable for trading. “The entire cash flow done with dogecoin, such as daily transactions, has a considerably bigger potential than bitcoin,”, Musk remarked in a Time Magazine interview.
He commented immediately after being selected Person of the Year 2021 by the magazine.
Tesla’s CEO went on to say that bitcoin is well-suited for use as a store of value. Instead of selling it soon or using it to make payments, investors need to hang on to their investments.
The Bitcoin network has a small number of transactions and a high transaction cost.He said.
He further said that Dogecoin isn’t as useful as a store of value, and that the paddle cryptocurrency is somewhat inflationary. This is what motivates individuals to spend money rather than save it as a valuable asset.