Time magazine declared Musk, the CEO of Tesla and SpaceX, “Person of the Year”. Elon Musk, known in the crypto market as a Dogecoin supporter, now says that Dogecoin is better for transactions than Bitcoin. Details cryptocoin.com‘in.
“Dogecoin is actually disinflationary”
In a recent interview with Time Magazine, Elon Musk said that Dogecoin is more suitable for transactions than Bitcoin:
Bitcoin has a low transaction volume and a high cost per transaction. At least at its fundamental level, it is suitable for a store of value, but fundamentally Bitcoin is not a good substitute for transactional currency.
Next, Musk explains that Dogecoin is “slightly” inflationary, but the meme coin’s percentage inflation actually decreases over time:
It encourages people to spend rather than accumulate a store of value.
- Musk was named Person of the Year by Time Magazine, joining Facebook founder Mark Zuckerberg (2010) and Amazon founder Jeff Bezos (1999).
With a single tweet in early 2021, Elon Musk managed to fuel the meme coin craze and also helped make Dogecoin, a jokingly created parody of Bitcoin, one of the most valuable cryptocurrencies. It single-handedly skyrocketed the price of Bitcoin by getting Tesla to buy the largest $1.5 billion cryptocurrency and accept it for car purchases, then crashing the entire market in May after it suspended payments. Earlier this year, Tesla became a trillion-dollar company, with Musk’s net worth exceeding $300 billion, solidifying his status as the world’s richest person.
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