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Elon Musk Says Dogecoin Is Better Suited for Transactions Than Bitcoin as Time Magazine Names Him Person of the Year

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Mon, 12/13/2021 - 14:39
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Alex Dovbnya
Elon Musk, Time Magazine's person of the year, has commented on the difference between Bitcoin and Dogecoin
Elon Musk Says Dogecoin Is Better Suited for Transactions Than Bitcoin as Time Magazine Names Him Person of the Year
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Dogecoin is better suited for transactions than Bitcoin, Elon Musk told Time Magazine in a recent interview:

The transaction volume of Bitcoin is low, and the cost per transaction is high. It is, at least, at its base level, is suitable for…a store of value, but, fundamentally, Bitcoin is not a good substitute for transactional currency.

He explains that Dogecoin is "slightly" inflationary, but the meme coin's percentage inflation actually decreases with time:

It encourages people to spend rather than hoard it a store of value.

Musk has been recognized as Time Magazine's person of the year, joining Facebook founder Mark Zuckerberg (2010) and Amazon founder Jeff Bezos (1999).

Musk
Image by time.com

The magazine's cover caps off a year that was dominated by the South African native. He managed to supercharge the meme stock craze with a single tweet in early 2021 and also helped to make Dogecoin, a Bitcoin parody that was created as a joke, one of the most valuable cryptocurrencies.

He singlehandedly made the Bitcoin price skyrocket by making Tesla purchase $1.5 billion worth of the largest cryptocurrency and accept it for car purchases, and then he sent it crashing down in May after his U-turn on payments.

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Elon Musk Urges Dogecoin Holders to Abandon Centralized Exchanges
Earlier this year, Tesla became a trillion-dollar company, and Musk's net worth surpassed $300 billion, solidifying his status as the world's richest person.

The company's year, however, was also mired in controversies: from deadly crashes that made people question its technology to sexual harassment accusations. In the interview, Musk concedes that Tesla has "a lot of work to do" with its autopilot.

Musk's SpaceX is also on the cusp of its biggest rocket to date amid the "space race" between him and fellow centibillionaire Bezos.

The entrepreneur also had his fair share of political drama, taking shots at U.S. President Joe Biden and deriding key Democratic figureheads, including Vermont Senator Bernie Sanders, with juvenile tweets.

Passionately admired by tech bros and equally despised by progressives, Musk remains a highly divisive figure, but he is far from the most controversial picks made by Time Magazine.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.