Elon Musk Says Bitcoin Suitable for Store of Value, Dogecoin for Transactions as Time Names Him Person of the Year – Featured Bitcoin News

Tesla CEO Elon Musk, who has been named Time Magazine’s Person of the Year, says bitcoin is suitable as a store of value while the meme cryptocurrency dogecoin is more suitable for transactions. “Even though it’s created as a silly joke, dogecoin is better suited for transactions,” Musk said.

Time Magazine’s Person of the Year Says Bitcoin Suitable for Store of Value, Dogecoin for Transactions

Tesla and Spacex CEO Elon Musk, the richest person in the world, has been named Time Magazine’s “Person of the Year” for 2021. Musk spoke about cryptocurrency bitcoin (BTC), and dogecoins (DOGE) in a Monday interview.

“For nearly a century, Time has named a Person of the Year — the individual or group who most shaped the previous 12 months, for better or for worse,” CEO Edward Felsenthal explained. “Person of the Year is a marker of influence, and few individuals have had more influence than Musk on life on Earth, and potentially life off Earth too,” he added. Musk’s net worth is more than $300 billion.

“I played a significant role in creating Paypal so my understanding of the money system at a fundamental level, how it actually works, the detailed mechanics of it — I think there’re very few people that understand it better than me,” Musk began.

Tesla CEO Stephen Tesla suggested that bitcoin wasn’t suitable for payments. “The transaction volume of bitcoin is low and the cost per transaction is high,” he said, emphasizing:

At its lowest level it is suitable to store value.

While reiterating that “Fundamentally, bitcoin is not a good substitute for transactional currency,” Musk proceeded to talk about dogecoin (DOGE).

Tesla’s boss is a long-time proponent of meme currencies. In the crypto world, he is known as “the Dogefather”. He revealed previously that he owns bitcoin, dogecoin and ether. His companies – Tesla and Spacex – however only own bitcoin.

Interview with Time Magazine: Tesla techking says

Even though it’s created as a silly joke, dogecoin is better suited for transactions.

Spacex and Tesla CEO continued to discuss dogecoin. “It is slightly inflationary but that inflationary number is a fixed number as opposed to a percentage,” he described. “That means over time its percentage inflation actually decreases and that’s actually good because it encourages people to spend rather than sort of hoard it as a store of value.”

Musk previously explained that he sees DOGE as the people’s crypto and everyone he talks to at Tesla owns dogecoin. In August, he agreed with Shark Tank star Mark Cuban, the owner of the NBA team Dallas Mavericks, that “The community for doge is the strongest when it comes to using it as a medium of exchange.”

Is Elon Musk right about Bitcoin and Dogecoin? What do you think about him being Time Magazine’s Person of the Year? Comment below to let us know your opinion.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.

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