Elon Musk claims Dogecoin is superior to Bitcoin in payment

Tesla CEO Elon Musk believes that Bitcoin (Bitcoin) Is not as suitable for daily payments as the meme-based cryptocurrency Dogecoindog).

Musk Comparison of Bitcoin, the world’s largest cryptocurrency, shortly after being interviewed by Time Magazine name “Time” magazine 2021 person of the year.

“Bitcoin is not a good substitute for transaction currency. Although it is a silly joke, Dogecoin is more suitable for transactions. The total transaction flow you use Dogecoin, such as daily transactions, has a higher Potential,” Musk said.

The CEO of Tesla emphasized that Bitcoin is more suitable as a store of value, which is why its investors are more willing to hold rather than sell or use it for payment. “Bitcoin’s transaction volume is low, and the cost of each transaction is high,” Musk pointed out.

On the other hand, Musk hinted that Dogecoin is not that good as a store of value, noting that this cryptocurrency is “a little bit inflationary.” However, this “encourages people to consume, not as a store of value,” he said.

Bitcoin is by far the most valuable cryptocurrency in the world Launched in 2009 As a “peer-to-peer electronic cash system”, the total supply is 21 million bitcoins.In contrast, after the token switches to provide an unlimited supply, DOGE has an unlimited supply Reached the supply limit of 100 billion coins Mid-2015.

Some industry figures, such as Ripple CEO Brad Garlinghouse have Attacked the governor for what he called “inflation dynamics” And unlimited supply.

Although Musk criticized Bitcoin as a payment tool, his electric car company Tesla briefly adopted BTC as a payment method Earlier this year.Official reason Abandon payment option It is the company’s concern about the “rapid increase in the use of fossil fuels in Bitcoin mining and trading.”Tesla is still Continue to hold a large amount of Bitcoin On its balance sheet Buy 1.5 billion USD in BTC In February.

Many global companies such as Twitter have been actively adopting BTC as a payment option. Lightning network reduces transaction costs.

related: Bitcoin transaction fees have dropped by more than 50% this year

According to the data on the chain, the transaction volume of Dogecoin does not seem to be much larger than that of Bitcoin.At the time of writing, the daily transaction volume of Bitcoin Amount According to CoinGecko’s data, it reached 31 billion U.S. dollars, accounting for 3.5% of its market value.The daily transaction of Dogecoin is worth 970 million US dollars, accounting for 4.6% of its market value.

DOGE has become one of them The best performing cryptocurrency in 2021, Most of which are obviously related to Musk actively endorses On social media.