Elon Musk says Dogecoin is better suited for transactions than Bitcoin

Elon Musk says the original memecoin Dogecoin is better suited for transactions than Bitcoin as Time Magazine names him "Person of the Year."

In an interview with Time Magazine, Elon Musk, commented on the difference between Bitcoin, the largest cryptocurrency and Dogecoin

The richest man on earth said told Time Magazine that Dogecoin is better suited for transactions than Bitcoin,

"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."

Adding to this, he notes that Dogecoin is "slightly" inflationary, but the Dogecoin’s percentage inflation decreases with time. Musk highlights,

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

The CEO of Tesla has been named "Person of the Year" by Time Magazine. Therefore, joining Facebook founder Mark Zuckerberg (2010) and Amazon founder Jeff Bezos (1999).

Moreover, Musk covers 2021 Time Magazine's cover. Besides, Musk managed to supercharge the memecoin craze with many tweets in 2021, helping make Dogecoin, a Bitcoin parody that was created as a joke, one of the largest cryptocurrencies.

In addition, he made the Bitcoin price skyrocket by making Tesla purchase $1.5 billion worth of the largest cryptocurrency and also accepted it as payment method before turning down Bitcoin for environmental reason.