2021-12-14 04:00:00

Elon Musk Believes in Dogecoin Supremacy; Says Bitcoin Isn’t a ‘Good Substitute’ For Transactional Currency



(Photo : FREDERIC J. BROWN/AFP via Getty Images) Tesla CEO Elon Musk gestures during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019. – Tesla introduced a new electric sports utility vehicle slightly bigger and more expensive than its Model 3, pitched as an electric car for the masses. Tesla chief executive Elon Musk showed off the “Model Y” late Thursday, March 14, 2019, at the company’s design studio in the southern California city of Hawthorne, and the company began taking orders online.

Tesla CEO Elon Musk believes that Dogecoin (DOGE) has an upper hand compared to the world’s most popular cryptocurrency. According to the billionaire, the meme currency is better for making transactions.

Elon Musk Thinks Dogecoin as Best Cryptocurrency

Elon Musk Believes in Dogecoin Supremacy; Says Bitcoin Isn't a 'Good Substitute' For Transactional Currency

(Photo : FREDERIC J. BROWN/AFP via Getty Images)
Tesla CEO Elon Musk gestures during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019. – Tesla introduced a new electric sports utility vehicle slightly bigger and more expensive than its Model 3, pitched as an electric car for the masses. Tesla chief executive Elon Musk showed off the “Model Y” late Thursday, March 14, 2019, at the company’s design studio in the southern California city of Hawthorne, and the company began taking orders online.

In an interview with TIME via CNBC, the SpaceX founder said that the famous meme coin is better than Bitcoin (BTC) when it comes to transactions. He added that the cost of transaction for the latter remains high as its volume continues to decrease. He saw that it could be more suitable if it would be a “store value” in the meantime.

Furthermore, the business tycoon stated that Bitcoin is not a “good substitute for transactional currency.” Despite creating dogecoin as a “joke coin,” many investors still choose to hold it so that they use it for future negotiations.

Considering that Bitcoin has already dominated the crypto world for a long time, Musk thought that Dogecoin has so much potential to flourish in terms of daily transactions.

Related Article: Elon Musk, Billy Markus Talks About How Cryptocurrency Has Changed In the Past Years, NFTs

Elon Musk Does Not Hate Fiat

In another report from Benzinga, Musk clarified that he does not hate fiat currency despite the fact that the government could intervene with it. This is the reason why he thinks that cryptos have a “relative advantage” over fiat.

“It ends up being a pernicious tax on people, especially those who have cash savings with dilution of the money supply,” the tech boss said.

While Musk talked about Dogecoin vs Bitcoin, he did not go into details about why the value of the meme coin was plunging. On Monday, Dec. 13, the value of the DOGE sank to 7.83% at $0.1571. Meanwhile, BTC recorded 6.29% to $46,833.28.

As the financial experts mentioned, investing in cryptocurrencies comes with a risk. Since they are highly volatile, they reminded the investors and traders to put money that they can afford to lose.

Concerning meme cryptocurrencies, “Wolf of Wall Street” author Jordan Belfort called Dogecoin and Shiba Inu as “illegitimate” coins, according to Tech Times earlier this month.

Another report from the same news outlet in September wrote that Musk liked the new WifeDoge. At that time, the meme crypto’s value grew to 3,000%.

TIME’s Person of the Year 2021

Recently, Tech Times reported that TIME selected Musk as the Person of the Year for 2021. During the interview, the 50-year-old businessman talked about his wealth, SpaceX expansion, EV market, Meta, and Grimes.

Elon Musk also mentioned his significant role in PayPal creation. He said that he really understood the money system behind that. To add, he also explained the mystery behind his tweets which affect the valuation of popular cryptocurrencies in the market.

The tycoon said that he’s only interested in posting funny posts about him which could not appear as humorous to others. 

Read Also: Binance Withdraws its Application to Run a Crypto Bourse in Singapore

This article is owned by Tech Times

Written by Joseph Henry 

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