Elon Musk: Dogecoin is more suitable for transactions than Bitcoin

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Elon Musk, the owner of SpaceX and Tesla, told TIME magazine that Dogecoin is more worthy of being used as a trading tool than Bitcoin. Musk explained that Bitcoin's trading volume is relatively low, combined with high transaction costs. He mentioned that Bitcoin is not suitable for transactions.

"Bitcoin has low trading volume and high costs per transaction. Bitcoin, at least at its basic level, is suitable..." Bitcoin is not a good alternative as a transactional currency," Musk said. The founder of SpaceX also revealed that despite Dogecoin's "slightly" inflationary nature, the inflation rate of the meme coin continues to decline over time.

"It encourages people to spend money rather than hoarding it as a store of value," Musk said.

Elon Musk was recently named "Person of the Year" by TIME magazine. Musk joins the ranks of top individuals who were first listed as "Person of the Year," including Amazon founder and competitor Jeff Bezos (1999) and Facebook founder Mark Zuckerberg (2010).

Musk is known as a supporter of Dogecoin. This is evident from some of his tweets. Additionally, he had previously purchased BTC through his electric vehicle company, causing Bitcoin prices to soar, and announced that Tesla would accept BTC as payment.

Musk has also paused this decision, as he believes Bitcoin mining wastes electricity and pollutes the environment. This move caused a significant drop in BTC prices.

Earlier this year, Tesla became a trillion-dollar company, and Musk's net worth exceeded $300 billion, solidifying his status as the world's richest person.

This controversial figure often shocks the media. He criticized the U.S. tax frenzy and sent a message to Bernie Sanders on Twitter saying, "I forgot you were still alive, Bernie.

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