Elon Musk, who was named Person of the Year by Time Magazine, talked about the difference between Bitcoin and Dogecoin.
In a recent interview with Time Magazine, Elon Musk said that Dogecoin is more suitable for business transactions than Bitcoin:
“Bitcoin has low trading volume and high cost per transaction. It is at least suitable as a major savings instrument, but fundamentally Bitcoin is not a good substitute for transactional currency.”
Continuing his words, Musk explains that Dogecoin is “slightly” inflationary, but the meme coin’s percentage of inflation actually decreases over time:
“[Dogecoin] encourages people to spend rather than save as a means of saving.”
Musk was named Person of the Year by Time Magazine, following in the footsteps of Facebook founder Mark Zuckerberg (2010) and Amazon founder Jeff Bezos (1999).
The eccentric billionaire on the cover of the magazine managed to fuel the meme stock craze with a single tweet in early 2021, and also helped make Dogecoin, a jokey parody of Bitcoin, one of the most valuable cryptocurrencies.
Tesla’s purchase of 1.5 billion worth of the world’s largest cryptocurrency and accepting it for car purchases alone allowed the price of Bitcoin to skyrocket, and the decision to halt BTC adoption due to environmental factors likewise sent crypto into a crash in May.
Earlier this year, Tesla became a trillion-dollar company, with Musk’s net worth exceeding $300 billion, earning him the status of the richest person in the world.
But the company’s year has also been steeped in controversies ranging from fatal accidents that have left people questioning its technology to sexual misconduct accusations. Addressing these issues in the interview, Musk acknowledged that Tesla still has “a lot of work to do” with its autopilot.
The entrepreneur has also had his fair share of political drama this year by targeting US President Joe Biden and mocking key Democratic figures, including Vermont Senator Bernie Sanders.
Passionately admired by tech geeks and equally despised by progressives, Musk remains a highly controversial figure, but despite this, Musk’s Person of the Year selection is far from the most controversial choice made by Time Magazine.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.