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Elon Musk Takes the Chance to Cheer Dogecoin in an Interview With the Times Magazine

Elon Musk Takes the Chance to Cheer Dogecoin in an Interview With the Times Magazine

Recently, the CEO of Tesla was named as theThe Person of the Yearby the Times Magazine. Following this title, Time conducted an interview with Musk, where he expressed his interest in crypto technology, but still raised doubts about cryptocurrencies becoming a replacement for fiat money.

In addition to the above-mentioned doubts, however, Musk also re-emphasized his support for Dogecoin, stating that, while being developed as a meme initially, DOGE actually has better chances at becoming a widely used transactional currency than Bitcoin.

Tesla’s CEO emphasized that, when it comes to Bitcoin, the transaction speeds are simply too slow, while the fees are far too high for it to be used efficiently. These are topics on which Dogecoin has an advantage over BTC.

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Musk elaborated on the matter further, saying:

“The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin.”

With that being the case, Elon Musk did emphasize that Bitcoin is more-suited for acting as a store of value. Due to Dogecoin’s inflationary nature, and an unlimited supply, the coin has much less potential when it comes to storing value than BTC - something that Musk also pointed out in the interview.

The CEO has made his position regarding the matter quite clear on his Twitter profile, all throughout the year. Musk has promoted Dogecoin through various meme-driven tweets, while also criticizing Bitcoin for the energy that it requires in order to be mined. With that being the case, Tesla still holds Bitcoin on their balance sheets.

Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.



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