On December 13, the world’s richest man, Elon Musk, was chosen TIME’s Person of the Year 2021. Musk, who is known for his support for crypto and has already expressed his views on digital assets openly, did so again in an interview with TIME Magazine.
Elon Musk, also called “Dogefather” has been a protracted supporter of the meme-inspired cryptocurrency Dogecoin (DOGE). He also stated that, along with Bitcoin (BTC) and Ethereum (ETH), he owns some DOGE too.
He expressed his preference for Dogecoin over Bitcoin or any other cryptocurrency for transactional purposes. He went on to say:
“Bitcoin is not a good alternative to transactional currency. Even though it was created as a silly joke, DOGE is better suited for transactions as the transaction volume of bitcoin is low, and the cost per transaction is high”.
Elon Musk attacks fiat currency
While Musk prefers DOGE to BTC, he is never dismissive of the world’s most popular cryptocurrency, Bitcoin. Musk believes Bitcoin is better suited as a store of value. That’s why, he says, most investors keep it and don’t sell it or use it for transactions.
Dogecoin, on the other hand, is a currency that “encourages people to spend rather than hoard as a store of value,” according to him. While some Bitcoin proponents acknowledge that Bitcoin can be used as a store of value, others disagree. Countries such as El Salvador, on the other hand, have made Bitcoin legal tender, making daily BTC transactions easier. Brazil also hinted at adopting the king coin as a legal tender.
Elon Musk is enthusiastic about cryptocurrencies in general, but he doubts that they will ever replace traditional currency. “Like many in the crypto community, I’m not a big fan of fiat cash,” he continued. He points out that crypto has a distinct advantage over fiat.
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