{"id":15265,"date":"2021-12-14T00:54:07","date_gmt":"2021-12-14T00:54:07","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/elon-musk-says-bitcoin-suitable-for-store-of-value-dogecoin-for-transactions-as-time-names-him-person-of-the-year\/"},"modified":"2021-12-14T00:54:07","modified_gmt":"2021-12-14T00:54:07","slug":"elon-musk-says-bitcoin-suitable-for-store-of-value-dogecoin-for-transactions-as-time-names-him-person-of-the-year","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/elon-musk-says-bitcoin-suitable-for-store-of-value-dogecoin-for-transactions-as-time-names-him-person-of-the-year\/","title":{"rendered":"Elon Musk Says Bitcoin Suitable for Store of Value, Dogecoin for Transactions as Time Names Him Person of the Year"},"content":{"rendered":"

Tesla CEO Elon Musk, who has been named Time Magazine\u2019s Person of the Year, says bitcoin is suitable as a store of value while the meme cryptocurrency dogecoin is more suitable for transactions. \u201cEven though it\u2019s created as a silly joke, dogecoin is better suited for transactions,\u201d Musk said.<\/strong><\/p>\n

Time Magazine\u2019s Person of the Year Says Bitcoin Suitable for Store of Value, Dogecoin for Transactions<\/h2>\n

Tesla and Spacex CEO Elon Musk, the richest person in the world, has been named Time Magazine\u2019s \u201cPerson of the Year\u201d for 2021. During an interview with the magazine, published Monday, Musk talked about cryptocurrencies bitcoin (BTC<\/a>) and dogecoin (DOGE).<\/p>\n

\u201cFor nearly a century, Time has named a Person of the Year \u2014 the individual or group who most shaped the previous 12 months, for better or for worse,\u201d CEO Edward Felsenthal explained. \u201cPerson of the Year is a marker of influence, and few individuals have had more influence than Musk on life on Earth, and potentially life off Earth too,\u201d he added. Musk\u2019s net worth is more than $300 billion.<\/p>\n

\u201cI played a significant role in creating Paypal so my understanding of the money system at a fundamental level, how it actually works, the detailed mechanics of it \u2014 I think there\u2019re very few people that understand it better than me,\u201d Musk began.<\/p>\n

The Tesla CEO then suggested that bitcoin is unsuitable for payments. \u201cThe transaction volume of bitcoin is low and the cost per transaction is high,\u201d he said, emphasizing:<\/p>\n

It is, at least at its base level, suitable for maybe a store of value.<\/p>\n

While reiterating that \u201cFundamentally, bitcoin is not a good substitute for transactional currency,\u201d Musk proceeded to talk about dogecoin (DOGE).<\/p>\n

The Tesla boss has long been a proponent of the meme cryptocurrency. He is even known in the crypto community as the Dogefather. He previously revealed that he personally owns dogecoin, bitcoin, and ether. His companies \u2013 Tesla and Spacex \u2013 however only own bitcoin<\/a>.<\/p>\n

The Tesla technoking<\/a> said in the interview with Time Magazine:<\/p>\n

Even though it\u2019s created as a silly joke, dogecoin is better suited for transactions.<\/p>\n

The CEO of Tesla and Spacex continued to explain about dogecoin. \u201cIt is slightly inflationary but that inflationary number is a fixed number as opposed to a percentage,\u201d he described. \u201cThat means over time its percentage inflation actually decreases and that\u2019s actually good because it encourages people to spend rather than sort of hoard it as a store of value.\u201d<\/p>\n

Musk previously explained that he sees DOGE as the people\u2019s crypto<\/a> and everyone he talks to at Tesla owns dogecoin. In August, he agreed with Shark Tank star Mark Cuban, the owner of the NBA team Dallas Mavericks, that \u201cThe community for doge is the strongest<\/a> when it comes to using it as a medium of exchange.\u201d<\/p>\n

Do you agree with Elon Musk about bitcoin and dogecoin? What do you think about him being Time Magazine\u2019s Person of the Year? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFeatured, bitcoin vs dogecoin, bitcon vs doge, dogecoin vs bitcoin, Dogefather, elon musk bitcoin, elon musk doge, elon musk dogecoin, elon musk time, elon musk time person of the year, time person of year<\/p>\n","protected":false},"excerpt":{"rendered":"

Tesla CEO Elon Musk, who has been named Time Magazine\u2019s Person of the Year, says bitcoin is suitable as a store of value while the meme cryptocurrency dogecoin is more suitable for transactions. \u201cEven though it\u2019s created as a silly joke, dogecoin is better suited for transactions,\u201d Musk said. Time Magazine\u2019s Person of the Year…<\/p>\n","protected":false},"author":0,"featured_media":15266,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-15265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/15265"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=15265"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/15265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/15266"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=15265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=15265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=15265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}