Elon Musk: Dogecoin Is More Suitable For Transactions Than Bitcoin

Dogecoin is said to be more suitable as a transaction tool than Bitcoin (Elevenews)

JAKARTA – SpaceX and Tesla boss Elon Musk told Time magazine that Dogecoin is more suitable as a transaction tool than Bitcoin. Musk explained that Bitcoin transactions are relatively low, coupled with high transaction fees. He mentioned that Bitcoin is not suitable for transactions.

“Bitcoin transaction volume is low, and the cost per transaction is high. Bitcoin is, at least, at its basic level, suitable for… a store of value, but, fundamentally, Bitcoin is not a good substitute for a transactional currency,” Musk said.

The SpaceX founder also revealed that although Dogecoin had "slight" inflation, the inflation percentage for the meme coin continued to decline over time.

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

Recently, Elon Musk was ordained as Time's "Person of the Year". Musk joins the top people who were first named "Person of the Year" including Amazon founder and rival Jeff Bezos (1999) and Facebook founder Mark Zuckerberg (2010).

Musk is known to be a supporter of Dogecoin. This can be seen from a number of tweets he wrote. In addition, he also once made the price of Bitcoin skyrocket by buying BTC through his electric car company and announcing that Tesla accepts payments with BTC.

Musk also suspended the decision because he considered Bitcoin mining a waste of electricity and polluting the environment. This action made the price of BTC fall quite deep.

Earlier this year, Tesla became a trillion-dollar company, and Musk's net worth surpassed $300 billion, cementing his status as the world's richest person.

The controversial figure often shocked the news media. Some time ago he criticized the tax craze in the US and sent a trigger to Bernie Sanders via his Twitter account by saying: "I forgot you were still alive, Bernie."

Elon Musk is admired by technologists but hated by progressives. Even so, Musk is a successful person with various amazing achievements including the success of Tesla's electric car, SpaceX rocket company, Neuralink, Boring Company, Solar City, Starlink and so on. He also plans to make humans into multi-planetary beings and plans to colonize the planet Mars.