Dogecoin is better suited for transactions than Bitcoin, Elon Musk told Time Magazine in a recent interview:
Bitcoin’s transaction volume is low and the cost per transaction is high. At least at a fundamental level, it is suitable for … a store of value, but basically Bitcoin is not a good substitute for transactional currency.
He stated that Dogecoin inflation is “mild”, but the meme coin percentage inflation actually decreases over time:
It encourages people to spend money rather than hoarding it as a store of value.
Musk was named Person of the Year by Time Magazine, along with Facebook founder Mark Zuckerberg (2010) and Amazon founder Jeff Bezos (1999).
The cover of the magazine shows a year marked by people of South African descent. He managed to fuel the meme stock craze in early 2021 with a single tweet and also helped develop Dogecoin, a bitcoin parody made as a joke, one of the most valuable cryptocurrencies.
He single-handedly skyrocketed the price of Bitcoin by getting Tesla to buy $ 1.5 billion in the largest cryptocurrency and accept it to buy a car.
Earlier this year, Tesla grew into a trillion-dollar company and Musk’s net worth topped $ 300 billion, cementing his status as the richest person in the world.
However, the company’s year was also one of controversy: from fatal crashes that made people questionable to allegations of sexual harassment. In the interview, Musk admitted that Tesla had “a lot of work to do” with its autonomous driving system.
Musk’s SpaceX is also on the cusp of its largest rocket to date in the midst of a “space race” between him and gay billionaire Bezos.
The businessman has also had his share of political dramas, photographing US President Joe Biden, and engaging with key Democratic figures, including Vermont Senator Bernie Sanders, with line tweets for minors.
Admired by tech geeks and despised by progressives too, Musk remains a highly divisive figure, but he’s not one of the journal’s most controversial decisions.
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