Elon Musk, CEO of Tesla and SpaceX, has consistently supported Dogecoin. He has also invested in it, along with Bitcoin and Ether. But for Musk, Dogecoin has an edge over Bitcoin and over cryptocurrencies. He considers Dogecoin to be the best cryptocurrency to trade.
“Basically, Bitcoin is not a good substitute for currency trading,” Musk told The Time Magazine after being named Person of the Year 2021. “Even though it was made as a joke. , but Dogecoin is still more suitable for payments.”
“Bitcoin’s transaction volume is low and the cost per transaction is high,” Musk said, adding that bitcoin is more suitable as a store of value, which is why investors want to hold it, not sell or use it for transactions. On the other hand, Dogecoin is a currency that “encourages people to spend, rather than hoard as a store of value,” he said.
However, while supporters agree that bitcoin is a store of value, they also take the stance that it is designed to be a peer-to-peer financial system and can be used for other purposes. transactions, as El Salvador is doing.
And while Musk is clearly bullish on crypto, he doesn’t believe it will replace fiat money. The world’s richest billionaire told Time: “I’m not a huge fan of fiat like a lot of people in the crypto world.” However, according to Musk, “cryptocurrency has advantages over fiat money, in that cryptocurrencies tend to be diluted by any given government. It will eventually become a toxic tax on everyone, especially cash savers.”
However, financial experts consider cryptocurrencies to be a volatile, risky and speculative investment channel. And they recommend that you only invest what you can lose.
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