Elon Musk has just been crowned “Person of the Year” by TIME, which also awarded him for the enormous influence he had in 2021 on the Planet.
But among the reasons why the eccentric entrepreneur was awarded, there are also his statements on the world of cryptocurrencies, and precisely in the post-awarding interview, Musk talked about Dogecoin and Bitcoin.
The one who dreams of being able to reach Mars before 2030, believes that Bitcoin is not as effective for daily payments as Dogecoin, his favorite cryptocurrency.
Indeed, Musk said that “Bitcoin is not a good substitute for transactional currencies. Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total flow of transactions you make with Dogecoin, such as daily transactions, has a much higher potential than Bitcoin.”
Musk further added that Bitcoin is more suitable as a store of value, which is why investors prefer to keep it in wallets rather than selling it or using it for payments. “The volume of transactions with Bitcoins is low and the cost of holding is high” observed Elon Musk, who finally pointed out that the father of meme tokens, Dogecoin, is not so effective as a store of value as it is a “slightly inflationary” cryptocurrency and people tend to spend it on payments rather than holding it in wallets.