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Tesla CEO Elon Musk believes that Bitcoin (
$77,431.00 ) (BTC) is not that good for everyday payments as the meme-based cryptocurrency, Dogecoin (
$0.000 ) (DOGE).
Musk compared the world’s largest cryptocurrency, Bitcoin ( $77,431.00 ) , to DOGE in a Time Magazine interview shortly after being named Time’s 2021 Person of the Year.
“ Bitcoin ( $77,431.00 ) is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin ( $0.000 ) is better suited for transactions. The total transaction flow that you do with Dogecoin ( $0.000 ) , like transactions per day, is much higher potential than Bitcoin ( $77,431.00 ) ,” Musk said.
Tesla CEO emphasized that Bitcoin ( $77,431.00 ) is more suitable as a store of value, which is why its investors prefer to hold it rather than sell it or use it for payments. “The transaction volume of Bitcoin ( $77,431.00 ) is low, and the cost per transaction is high,” Musk noted.
On the other hand, Dogecoin ( $0.000 ) is not that good as a store of value, Musk hinted, noting that the cryptocurrency is “slightly inflationary.” However, this “encourages people to spend, rather than sort of hoard as a store of value,” he stated.
Bitcoin ( $77,431.00 ) , the world’s most-valued cryptocurrency so far, was launched back in 2009 as a “peer-to-peer electronic cash system” with a limited total supply of 21 million bitcoins. In contrast, DOGE has an infinite supply after the coin switched to provide an uncapped supply after hitting a supply limit of 100 billion coins in mid-2015.
Some industry figures like Ripple CEO Brad Garlinghouse have blasted Doge for its alleged “inflationary dynamics” and unlimited supply.
Despite Musk criticizing Bitcoin ( $77,431.00 ) as a payment tool, his electric vehicle firm Tesla briefly adopted BTC as a payment method earlier this year. The official reason for dropping the payment option were the company’s concerns regarding the “rapidly increasing use of fossil fuels for Bitcoin ( $77,431.00 ) mining and transactions.” Tesla still continues holding a significant amount of Bitcoin ( $77,431.00 ) on its balance sheet after purchasing $1.5 billion in BTC in February.
A number of global companies like Twitter have been actively adopting BTC as a payment option by implementing the Lightning Network to decrease transaction costs.
Related: Bitcoin ( $77,431.00 ) transaction fees are down by over 50% this year
Dogecoin ( $0.000 ) doesn’t appear to have a much bigger transactional volume than Bitcoin ( $77,431.00 ) , according to on-chain data. At the time of writing, Bitcoin ( $77,431.00 ) ’s daily transaction volume amounts to $31 billion, or 3.5% of its market capitalization, according to data from CoinGecko. Dogecoin ( $0.000 ) ’s daily transactions are worth $970 million, or 4.6% of its market cap.
DOGE has emerged as one of the top-performing cryptocurrencies in 2021, much of which was apparently associated with Musk’s active endorsement on social media.
