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The CEO of Tesla and SpaceX, Elon Musk was named Time Magazine's “Person of the Year”. During an interview with TIME, the Tesla CEO made a statement saying,”meme-based Dogecoin is much better than Bitcoin for daily transactions.
According to the multi-billionaire, the world's most valued cryptocurrency, Bitcoin is popular among only professional investors because each token stores large amounts of cryptocurrency.” For daily purchases, however, Musk says, “Dogecoin is a more favourable choice.” He later tweeted from his Twitter official account saying Tesla will be accepting DOGEcoin payments also from now on.
Tesla will make some merch buyable with Doge & see how it goes— Elon Musk (@elonmusk) December 14, 2021
Crypto Market After Elon Musk’s Announcement
Bitcoin was valued at around $50,553 (roughly INR 38 lakh), After the announcement from Elon Musk of accepting Dogecoin payments for ‘merchandise' brought DOGE up by approximately 20 per cent at $0.21 (roughly INR 16) per token.
“Bitcoin doesn’t qualify as a good substitution for transactional currency. Dogecoin is much better for transactions, even though it was started as a joke. The collective transactions that you do with Dogecoin, daily transactions, the potential are much higher than Bitcoin,” Musk stated during the Time's interview.
— TIME (@TIME) December 14, 2021
Musk, known for his cryptocurrency involvements, in October, repeated his statements which are limited to Bitcoin, Ethereum and Dogecoin. He closely observes the cryptocurrency market and is famous for his tweets regular observational tweets.
The entrepreneur, overtook Amazon founder Jeff Bezos this year to become the world's wealthiest person. Elon also mentioned that while Dogecoin could be inflationary, it at least has a fixed number unlike Bitcoin. “that actually encourages people to spend, rather than sort of store as a medal of value,” said Elon.