The world’s richest man Elon Musk has been named as the TIME’s Person of the year 2021 on Monday, December 13. Mr. Musk who has often had frank opinions about digital assets once again shared his opinions during an interview with TIME Magazine.
As we know, Elon Musk has been largely favoring the meme-inspired cryptocurrency Dogecoin (DOGE) for a very long period of time. He also noted that he has some part of his investments in DOGE apart from Bitcoin (BTC) and Ethereum (ETH).
During his recent interview, Musk said that he would prefer Dogecoin over Bitcoin or any other cryptocurrency for transactional purposes. He further added:
“Fundamentally, bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, dogecoin is better suited for transactions.[T]he transaction volume of bitcoin is low, and the cost per transaction is high”.
Bitcoin More Suitable As a Store-of-Value
While that Musk favors DOGE over BTC, he isn’t critical of the world’s largest cryptocurrency. Musk says he thinks Bitcoin to be more suitable as Store-of-Value. That is why investors usually hold on to it and not sell it or use it for transactions, he notes.
