Elon Musk said that Bitcoin is suitable for store of value and Dogecoin is used for transactions, because the times named him Person of the Year – Bitcoin Featured News

Tesla CEO Elon Musk, who was named Person of the Year by Time magazine, said that Bitcoin is suitable as a store of value, and the memetic cryptocurrency Dogecoin is more suitable for trading. “Although it is a stupid joke, Dogecoin is more suitable for trading,” Musk said.

Time Magazine’s Person of the Year says Bitcoin is suitable for store of value and Dogecoin is suitable for trading

Tesla and Spacex CEO Elon Musk is the richest man in the world, and he was named “Man of the Year” by Time Magazine in 2021. In a magazine interview published on Monday, Musk talked about the cryptocurrency Bitcoin (Bitcoin) And Dogecoin (DOGE).

“For nearly a century, Time magazine has selected Person of the Year-the individual or group that has had the most influence over the past 12 months, for better or worse,” explains CEO Edward Felsenthal. He added: “Person of the Year is a sign of influence. Few people have a greater impact on life on earth than Musk, and may also have an impact on life outside the earth.” Musk’s net worth exceeds 300 billion. Dollar.

“I played an important role in the creation of Paypal, so I fundamentally understand the currency system, how it actually works, and its detailed mechanism-I think few people know it better than me,” Musk began to say .

Tesla’s CEO then suggested that Bitcoin is not suitable for payment. “Bitcoin’s transaction volume is low, and the cost of each transaction is high,” he said, emphasizing:

At least at its basic level, it may be suitable as a store of value.

While reiterating that “fundamentally speaking, Bitcoin is not a good substitute for trading currencies”, Musk continued to talk about Dogecoin (DOGE).

For a long time, Tesla boss has been a supporter of meme cryptocurrency. He is even called Dogefather in the crypto community. He previously revealed that he personally owns Dogecoin, Bitcoin and Ether.His companies-Tesla and SpaceX-however Only own bitcoin.

Tesla technical knowledge In an interview with Time Magazine:

Although it is a stupid joke, Dogecoin is more suitable for trading.

The CEOs of Tesla and Spacex continued to explain Dogecoin. “It’s a bit of inflation, but the inflation figure is a fixed number, not a percentage,” he described. “This means that its inflation rate will actually fall over time, which is actually good because it encourages people to consume instead of hoarding it as a store of value.”

Musk previously explained that he sees DOGE as People’s cryptocurrency Everyone he talks to at Tesla owns Dogecoin. In August, he reached an agreement with NBA Dallas Mavericks owner and Shark Tank star Mark Cuban, “The Governor’s community is The strongest When it comes to using it as a medium of exchange. “

Do you agree with Elon Musk’s views on Bitcoin and Dogecoin? What do you think of him becoming the Person of the Year in Time Magazine? Please let us know in the comments section below.

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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