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Elon Musk says Bitcoin is suitable for store of value, Dogecoin to transactions as Time names him Person of the Year

Tesla CEO Elon Musk has been named Person of the Year by Time Magazine. He believes bitcoin can be used as a store-of-value, while the meme cryptocurrency dogecoin works better for transactions. Musk stated that even though the idea was a joke, dogecoin is more suitable for transactions.

Time Magazine’s Person Of The Year Says Bitcoin is Suitable for Stores of Value, Dogecoin For Transactions
Time Magazine has named Elon Musk, Spacex CEO and Tesla’s CEO, “Person of Year” for 2021.. Musk spoke about cryptocurrency bitcoin (BTC), and dogecoins (DOGE) in a Monday interview.

CEO Edward Felsenthal stated that “for nearly a century, Time named a Person or Group of the Year — The individual or group that most shaped previous 12 month, for better and for worse.” He explained that “Persona of the Year is a sign of influence and few people have had more impact on life on Earth and possibly life off Earth than Musk.” Musk has a net worth of $300 trillion.

Musk stated, “I had a significant role in the creation of Paypal so I understand the money system at an fundamental level, how its actually works — I think there are very few people who understand it better than myself.”

Tesla CEO suggested then that bitcoin was not suitable for payments. He stated, “The bitcoin transaction volume is low and the transaction cost per transaction high.”

It can be used as a store of value, or at least, it is at the base level.

Musk reiterated that bitcoin was not a substitute for transactional currencies and then he spoke about dogecoin (DOGE).

Tesla boss is a long-time proponent of the meme currency. He is known as the Dogefather in the crypto community. He revealed previously that he owns bitcoin, dogecoin and ether. However, his companies Spacex and Tesla only have bitcoin.

In an interview with Time Magazine, Tesla said:

Dogecoin, even though it was created as a joke, is more suitable for transactions.

Spacex CEO, Tesla, continued to discuss dogecoin. He explained that although it is somewhat inflationary, the inflationary number is a fixed percentage and not a percentage. “That means that over time, its percentage inflation actually declines which is actually good because it encourages people spend instead of just hoarding it as a store-of-value.”

Musk explained previously that DOGE is his crypto, and that everyone at Tesla has dogecoin. He agreed with Shark Tank star Mark Cuban (owner of the NBA Dallas Mavericks), that the “community for doge” is the best when it comes down to using it as an exchange medium.

Are you in agreement with Elon Musk regarding bitcoin and dogecoin. How do you feel about Elon Musk being named Time Magazine’s Person Of The Year? Leave your thoughts in the comments below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since then. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

Image Credits: Shutterstock. Pixabay. Wiki Commons.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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