{"id":51398,"date":"2021-12-20T11:39:29","date_gmt":"2021-12-20T11:39:29","guid":{"rendered":"https:\/\/timestampmag.com\/?p=51398"},"modified":"2022-01-17T11:51:55","modified_gmt":"2022-01-17T11:51:55","slug":"elon-musk-says-doge-better-suited-to-be-a-transactions-currency-than-bitcoin","status":"publish","type":"post","link":"https:\/\/timestampmag.com\/2021\/12\/20\/elon-musk-says-doge-better-suited-to-be-a-transactions-currency-than-bitcoin\/","title":{"rendered":"Elon Musk says DOGE \u201cBetter Suited\u201d to be a Transactions Currency than Bitcoin"},"content":{"rendered":"<ul>\n<li>Being inflationary encourages people to spend Dogecoin, making it a better transaction currency, said Elon Musk.<\/li>\n<li>DOGE price meanwhile is still down 78% from it&#8217;s all-time high.<\/li>\n<li>Bitcoin, according to Tesla CEO, is more suitable as a store of value and that\u2019s why investors prefer to \u201cHODL\u201d it.<\/li>\n<\/ul>\n<p>Tesla&#8217;s Chief Executive Officer continues to promote Dogecoin (DOGE) and this time his argument towards the meme-coin is that it is a much better option as a currency than Bitcoin.<\/p>\n<p>In an interview with Time Magazine, shortly after being named Time\u2019s 2021 Person of the Year, Musk said DOGE is good for everyday payments.<\/p>\n<p>\u201cBitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin, like transactions per day, has a much higher potential than Bitcoin,\u201d Musk said.<\/p>\n<p>Dogecoin is a $21.7 billion <a href=\"https:\/\/timestampmag.com\/2020\/03\/01\/whats-the-crypto-in-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> trading just above $0.16, down about 78% from its all-time high hit in early May.<\/p>\n<p>Just last week, Musk took to <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1470703708677840896\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> to announce that the electric car maker will accept DOGE for its merchandise. The news sent the price of DOGE up by about 35% in a matter of a couple of hours.<\/p>\n<h2>Popular Among Billionaires<\/h2>\n<p>Back in March, this year, billionaire Mark Cuban\u2019s American professional basketball team Dallas Mavericks <a href=\"https:\/\/www.forbes.com\/sites\/carlieporterfield\/2021\/03\/04\/mark-cubans-dallas-mavericks-are-accepting-dogecoin-as-payment-because-we-can\/\" target=\"_blank\" rel=\"noopener\">also started accepting DOGE<\/a> for tickets and merch through BitPay and reported a 550% increase in DOGE payments in the following month.<\/p>\n<p>Bitcoin, which has a market cap of <a href=\"https:\/\/coinmarketcap.com\/all\/views\/all\/\" target=\"_blank\" rel=\"noopener\">$870 billion<\/a>, meanwhile, according to Musk is more suitable as a store of value, and as such investors prefer to \u201cHODL\u201d it than using it for payments.<\/p>\n<p>\u201cThe transaction volume of Bitcoin is low, and the cost per transaction is high,\u201d he said.<\/p>\n<p>When it comes to Dogecoin, it is not that good a store of value, as the memecoin is \u201cslightly inflationary\u201d but that \u201cencourages people to spend, rather than sort of hoard as a store of value,\u201d said Musk.<\/p>\n<p>Bitcoin has a fixed supply of 21 million while Dogecoin has an inflation rate of 3.8%, with 5 billion DOGE being added to its supply each year, which could encourage people to spend them instead of hoarding.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Being inflationary encourages people to spend Dogecoin, making it a better transaction currency, said Elon Musk. DOGE price meanwhile is still down 78% from it&#8217;s all-time high. Bitcoin, according to Tesla CEO, is more suitable as a store of value and that\u2019s why investors prefer to \u201cHODL\u201d it. Tesla&#8217;s Chief Executive Officer continues to promote [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":51399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[30,370,137,573,641,473,324],"_links":{"self":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51398"}],"collection":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/comments?post=51398"}],"version-history":[{"count":1,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51398\/revisions"}],"predecessor-version":[{"id":51400,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51398\/revisions\/51400"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media\/51399"}],"wp:attachment":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media?parent=51398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/categories?post=51398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/tags?post=51398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}