- Elon Musk thinks that DOGE is more suitable for the role of a transaction currency than BTC
- Main reasons – unlimited issue, low transaction cost and high volume of daily transfers
The founder of Tesla and SpaceX Elon Musk believes that the Dogecoin (DOGE) meme currency is better suited as a means of payment than Bitcoin (BTC). The billionaire shared his opinion on this in an interview with TIME.
Elon Musk continues to popularize and promote the Dogecoin currency. This year, he repeatedly “fueled” demand with publications on the social network. In November, he even argued with the Binance exchange, defending the interests of DOGE investors.
Moreover, in a recent interview with TIME, he stated that this currency is better suited as a means of payment than Bitcoin. In his opinion, DOGE has a number of advantages that BTC does not.
In particular, it is the cost of transactions. DOGE translation will cost significantly less. And the volume of BTC transactions lags significantly behind the competitor.
“Bitcoin is not a good substitute for fiat transactional currencies. Dogikoin is better suited for this, even though it was created as a silly joke. The gross volume of transactions, as well as the daily number of DOGE transfers, is significantly higher than that of BTC, ”said the billionaire.
Musk also noted that DOGE is more suitable as a transactional currency due to its inflationary nature:
“Oddly enough, it encourages people to spend, not accumulate.”