Elon Musk believes that Dogecoin is superior to Bitcoin for transactional purposes.

Elon Musk, the CEO of Tesla and SpaceX, has long supported Dogecoin, a cryptocurrency based on memes. He announced a few months ago that he had invested in Dogecoin in addition to Bitcoin and Ether.

Musk, a former Bitcoin supporter, feels Dogecoin has an edge over Bitcoin and other cryptocurrencies and is the most promising cryptocurrency for trade.

Bitcoin transactions have a lower transaction value and a higher transaction cost. On a spatial level, it is appropriate as a value storage. Musk, on the other hand, stated that Bitcoin is not a good alternative for transactional money.

Despite its origins as a spoof coin, the billionaire believes Dogecoin is better suited for transactions. He feels Dogecoin’s gross transactions have far greater potential than Bitcoin’s.

While Bitcoin supporters acknowledge that the asset is a store of value, they also contend that it is designed to be a useful peer-to-peer financial system that can be used for transactions. Supporters cite El Salvador as an example of a country that has legally embraced Bitcoin as a financial transaction medium.

While Musk does not against fiat currency, he believes cryptocurrencies offer greater advantages.

According to Musk, the fiat currency is diluted by the governing government, and this dilution ends up being a detrimental tax on people, particularly those with big cash reserves.

Financial professionals, on the other hand, caution that bitcoin is a risky, speculative investment. They warn that one should only invest in cryptocurrency if they can afford to lose it.

Musk also stated that, while Dogecoin is prone to inflation, it has a fixed value, unlike Bitcoin. According to him, it encourages people to spend rather than save as a store of wealth. He just surpassed Jeff Bezos, the founder of Amazon, to become the world’s wealthiest person.

Elon Musk, the CEO of Tesla and SpaceX, has long supported Dogecoin, a cryptocurrency based on memes. He announced a few months ago that he had invested in Dogecoin in addition to Bitcoin and Ether.

Leave a Reply

Your email address will not be published. Required fields are marked *

  • bitcoinBitcoin (BTC) $ 42,318.00 1.57%
  • ethereumEthereum (ETH) $ 3,222.91 3.21%
  • binance-coinBinance Coin (BNB) $ 475.82 3.08%
  • tetherTether (USDT) $ 1.00 0.04%
  • cardanoCardano (ADA) $ 1.59 6.99%
  • usd-coinUSD Coin (USDC) $ 1.00 0.12%
  • solanaSolana (SOL) $ 140.31 3.12%
  • xrpXRP (XRP) $ 0.764117 1.69%
  • terra-lunaTerra (LUNA) $ 77.79 10.08%
  • polkadotPolkadot (DOT) $ 25.83 4.37%
  • dogecoinDogecoin (DOGE) $ 0.169657 2.5%
  • avalanche-2Avalanche (AVAX) $ 86.98 4.48%
  • shiba-inuShiba Inu (SHIB) $ 0.000029 2.71%
  • matic-networkPolygon (MATIC) $ 2.23 8.81%
  • binance-usdBinance USD (BUSD) $ 1.00 0.04%
  • crypto-com-chainCrypto.com Coin (CRO) $ 0.448584 2.47%
  • chainlinkChainlink (LINK) $ 24.20 4.03%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 42,270.00 1.67%
  • cosmosCosmos (ATOM) $ 39.14 10.37%
  • nearNear (NEAR) $ 17.98 8.55%
  • terrausdTerraUSD (UST) $ 1.00 0.01%
  • litecoinLitecoin (LTC) $ 149.38 0.73%
  • daiDai (DAI) $ 1.00 0.12%
  • algorandAlgorand (ALGO) $ 1.35 4.17%
  • uniswapUniswap (UNI) $ 17.07 3.97%
  • fantomFantom (FTM) $ 2.96 8.03%
  • bitcoin-cashBitcoin Cash (BCH) $ 390.41 1.75%
  • tronTRON (TRX) $ 0.070211 1.17%
  • okbOKB (OKB) $ 26.57 4.5%
  • stellarStellar (XLM) $ 0.256213 0.98%
  • ftx-tokenFTX Token (FTT) $ 44.59 3.79%
  • internet-computerInternet Computer (ICP) $ 30.20 1.06%
  • staked-etherLido Staked Ether (STETH) $ 3,216.54 3.21%
  • axie-infinityAxie Infinity (AXS) $ 76.84 4.62%
  • vechainVeChain (VET) $ 0.075759 2.89%
  • hedera-hashgraphHedera (HBAR) $ 0.269159 4.89%
  • magic-internet-moneyMagic Internet Money (MIM) $ 1.00 0.29%
  • filecoinFilecoin (FIL) $ 29.24 2.32%
  • compound-ethercETH (CETH) $ 64.54 3.27%
  • the-sandboxThe Sandbox (SAND) $ 4.60 6.45%
  • ethereum-classicEthereum Classic (ETC) $ 31.57 1.32%
  • theta-tokenTheta Network (THETA) $ 4.02 2.52%
  • decentralandDecentraland (MANA) $ 2.92 6.8%
  • elrond-erd-2Elrond (EGLD) $ 189.21 2.23%
  • moneroMonero (XMR) $ 212.65 4.91%
  • harmonyHarmony (ONE) $ 0.329780 3.47%
  • klay-tokenKlaytn (KLAY) $ 1.39 1.17%
  • tezosTezos (XTZ) $ 4.08 4.4%
  • leo-tokenLEO Token (LEO) $ 3.80 0.5%
  • heliumHelium (HNT) $ 32.95 0.54%
  • iotaIOTA (MIOTA) $ 1.19 5.69%
  • aaveAave (AAVE) $ 237.36 1.45%
  • cdaicDAI (CDAI) $ 0.021848 0.08%
  • compound-usd-coincUSDC (CUSDC) $ 0.022493 0.14%
  • pancakeswap-tokenPancakeSwap (CAKE) $ 11.34 4.63%
  • the-graphThe Graph (GRT) $ 0.557994 3.73%
  • eosEOS (EOS) $ 2.93 0.94%
  • osmosisOsmosis (OSMO) $ 9.78 8.35%
  • bittorrent-2BitTorrent (BTT) $ 0.002705 1.4%
  • flowFlow (FLOW) $ 7.43 2.24%
  • arweaveArweave (AR) $ 47.00 3.61%
  • kusamaKusama (KSM) $ 258.96 4.76%
  • galaGala (GALA) $ 0.306312 5.9%
  • fraxFrax (FRAX) $ 0.996393 0.44%
  • quant-networkQuant (QNT) $ 163.60 1.17%
  • enjincoinEnjin Coin (ENJ) $ 2.33 6.51%
  • bitcoin-svBitcoin SV (BSV) $ 113.13 0.66%
  • blockstackStacks (STX) $ 2.04 5.98%
  • radixRadix (XRD) $ 0.219148 8.35%
  • amp-tokenAmp (AMP) $ 0.040462 1.23%
  • ecasheCash (XEC) $ 0.000100 3.06%
  • convex-financeConvex Finance (CVX) $ 40.84 0.26%
  • makerMaker (MKR) $ 2,102.20 6.38%
  • theta-fuelTheta Fuel (TFUEL) $ 0.177577 0.7%
  • curve-dao-tokenCurve DAO Token (CRV) $ 4.80 4.13%
  • oasis-networkOasis Network (ROSE) $ 0.523050 3.44%
  • ecomiECOMI (OMI) $ 0.007363 1.12%
  • thorchainTHORChain (RUNE) $ 5.91 4.63%
  • celoCelo (CELO) $ 4.55 7.09%
  • neoNEO (NEO) $ 24.28 2.45%
  • huobi-btcHuobi BTC (HBTC) $ 42,453.00 1.98%
  • zcashZcash (ZEC) $ 140.28 0.25%
  • kucoin-sharesKuCoin Token (KCS) $ 20.85 1.14%
  • huobi-tokenHuobi Token (HT) $ 9.94 0.61%
  • loopringLoopring (LRC) $ 1.24 7.33%
  • basic-attention-tokenBasic Attention Token (BAT) $ 1.02 2.95%
  • pocket-networkPocket Network (POKT) $ 2.23 7.12%
  • secretSecret (SCRT) $ 8.99 1.82%
  • true-usdTrueUSD (TUSD) $ 1.00 0.01%
  • dashDash (DASH) $ 136.69 0.47%
  • chilizChiliz (CHZ) $ 0.261168 1.9%
  • kadenaKadena (KDA) $ 8.32 5.78%
  • wavesWaves (WAVES) $ 13.88 0.76%
  • celsius-degree-tokenCelsius Network (CEL) $ 3.10 2.69%
  • nexoNEXO (NEXO) $ 2.27 2.05%
  • sushiSushi (SUSHI) $ 6.55 3.34%
  • mina-protocolMina Protocol (MINA) $ 3.49 0.7%
  • compound-governance-tokenCompound (COMP) $ 182.98 3.44%
  • frax-shareFrax Share (FXS) $ 32.61 10.18%
  • yearn-financeyearn.finance (YFI) $ 31,849.00 3.81%