Recently TIME’s announced Elon Musk as the person of the year for 2021. Elon Musk, currently the world’s most valued individual with the highest net worth in terms of currency, said that Dogecoin is way better than Bitcoin in terms of performance and growth.
Elon Musk now wants to give top priority to dogecoin, which is clearly at the bottom of the cryptocurrency list. Elon Musk is prioritizing dogecoin over Bitcoin. Billionaire entrepreneur Elon Musk has been named Time Magazine’s ‘Person of the Year’.
During his TIME interview, Elon Musk has made some interesting comments on cryptocurrencies and their future. Elon Musk, a long-time promoter and supporter of cryptocurrencies, says that in terms of performance bitcoin is the worst, while dogecoin is the best.
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The main reasons for such strong statements were also explained by the billionaire investor and entrepreneur. Speaking about the numbers of daily transactions, dogecoin is a far better cryptocurrency than Bitcoin, said Elon Musk.
Adding to which Elon said that the transaction value of Bitcoin is very low and the Bitcoin transaction cost is very high. Thereby significantly reducing the profits of Bitcoin. Such losses may stay hidden at one or the other level.
But basically, bitcoin cannot be a substitute and transitional currency, said Elon Musk.
Highlighting dogecoin may seem like a joke to you. But in terms of transactions, dogecoin is the best. Over transactions of Dogecoin can lead to inflation.
Unlike Bitcoins, which are only used for storage purposes, Dogecoin is meant for spendings by the masses which will be good for the overall economic development, said Elon Musk.
Currently, the value of bitcoin in the cryptocurrency market is running at a loss with no signs of positive recovery. As of now the value of bitcoin has been trading very low on accounts of concerns about the crypto developments in India added with the Omicron effect.
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