Elon Musk Says Dogecoin Is Better Suited for Transactions Than Bitcoin as Time Magazine Names Him Person of the Year

Elon Musk Says Dogecoin Is Better Suited for Transactions Than Bitcoin as Time Magazine Names Him Person of the Year

Dogecoin is better suited for transactions than Bitcoin, Elon Musk told Time Magazine in a recent interview:

The transaction volume of Bitcoin is low, and the cost per transaction is high. It is, at least, at its base level, is suitable for…a store of value, but, fundamentally, Bitcoin is not a good substitute for transactional currency.

He explains that Dogecoin is "slightly" inflationary, but the meme coin's percentage inflation actually decreases with time:

It encourages people to spend rather than hoard it a store of value.

Musk has been recognized as Time Magazine's person of the year, joining Facebook founder Mark Zuckerberg (2010) and Amazon founder Jeff Bezos (1999).

The magazine's cover caps off a year that was dominated by the South African native. He managed to supercharge the meme stock craze with a single tweet in early 2021 and also helped to make Dogecoin, a Bitcoin parody that was created as a joke, one of the most valuable cryptocurrencies.He singlehandedly made the Bitcoin price skyrocket by making Tesla purchase $1.5 billion worth of the largest cryptocurrency and accept it for car purchases, and then he sent it crashing down in May after his

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