Musk: Still prefer Dogecoin to Bitcoin as the transaction currency

[Musk: Still prefer Dogecoin to Bitcoin as the transaction currency]

Tesla CEO Elon Musk was selected as Time magazine's 2021 representative at the beginning of this week. Mr. Musk shared his views again in an interview with Time Magazine.

Musk mentioned that fundamentally, Bitcoin is not a good alternative to trading currencies, but Dogecoin is more suitable for trading. Bitcoin has a low transaction volume and a high cost per transaction. Bitcoin is better suited as a store of value, which is why investors usually hold it rather than sell it or use it for trading.

Dogecoin, on the other hand, is a currency that encourages people to consume, not as a store of value.

While some Bitcoin proponents also agree with the fact that Bitcoin is a store of value. Countries like El Salvador have adopted Bitcoin as legal tender, facilitating the daily trading of Bitcoin.

Musk has a good watertighter overall, but he does not take the Flying Law Currency in seven clouds. Musk noted that I don't hate fiat currencies as many people in the crypto world, which have a relatively higher advantage over fiat currencies.

Musk said that in addition to Bitcoin and Ethereum, he has made some investments in DOGE. (coingape)