1 August 2026
Elon Musk Prefers Dogecoin Over Bitcoin For Payments
Recently, Elon Musk was named “Person of the Year for 2021” by Time Magazine. He has always had frank opinions regarding Cryptocurrencies, and again he talked about them during an interview with TIME Magazine.
The world’s richest man has been supporting the meme-inspired Cryptocurrency Dogecoin (DOGE) for a long period. Earlier, he also revealed that he has an investment in Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE).
Mask in the recent interview with TIME Magazine said that he would prefer Dogecoin over any other Cryptocurrency or Bitcoin for transactional purposes.
“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”.
Although Musk favors Dogecoin over Bitcoin, he isn’t negative about it. He believes Bitcoin is more suitable as Store-of-Value. That’s the reason why investors generally keep holding it and not sell it or use it for transactions.
Mask added that DOGE is a currency that “encourages people to spend, rather than sort of hoard as a store of value.” Many Bitcoin supporters would also admit that Bitcoin fits as a store of value. At the same time, El Salvador has accepted Bitcoin as a legal tender that facilitates daily BTC transactions.
Elon Musk is optimistic over Cryptocurrencies, but he doubts that they will replace fiat. He said, “I’m not a huge hater of fiat currency like many in the crypto world are.” However, he points out that Cryptocurrency does have a higher advantage over fiat.
“There are advantages with crypto relative to fiat, in that fiat currency tends to get diluted by whatever government it is. It ends up being a pernicious tax on people, especially those who have cash savings with dilution of the money supply.”
Also, Elon Musk tweeted today that Tesla will accept Dogecoin for merchandise on a test basis. Soon after the announcement, the Dogecoin price surged by 25 percent.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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