Elon Musk Says That Dogecoin Is A Better Way To Buy Things than Bitcoin

Elon Musk says that Dogecoin is a Better way to Buy Things than Bitcoin

Elon Musk, the CEO of Tesla, revealed on Thursday that he owns Bitcoin, Dogecoin, and Ethereum. Tesla and SpaceX, according to Musk, both hold Bitcoin. Musk, along with Twitter CEO Jack Dorsey and Ark Invest CEO Cathie Wood, spoke at the Bitcoin event “The B Word.”

Musk stated, “I might pump, but I don’t dump.” “It’s my largest position outside of Tesla and SpaceX stock,” Musk remarked.

According to Musk, Tesla would most likely resume taking bitcoin as payment once it completes its due diligence on the amount of renewable energy required to mine the digital currency.

“The most likely response is that Tesla will reintroduce bitcoin acceptance,” Musk added.

Elon Musk, the CEO of Tesla and SpaceX, has persistently backed dogecoin, a cryptocurrency exchanges based on memes. He indicated in October that he has invested in it and bitcoin and ether.

However, Musk believes that dogecoin has an advantage over bitcoin and other cryptocurrencies: he considers it the ideal cryptocurrency for trading.

“Bitcoin is fundamentally not a good alternative for transactional currency,” Musk said after selecting Time’s Person of the Year for 2021. “Dogecoin is better suited for transactions, even though it was created as a joke.”

On the other hand, dogecoin is a cryptocurrency that “encourages individuals to spend rather than hoard as a store of value,” according to him.

While supporters of bitcoin acknowledge that the commodity is a store of value, they also contend that it is designed to be a sound peer-to-peer financial system that can be used for transactions, citing examples such as El Salvador’s adoption of bitcoin as legal money.

Musk does not believe it will ever replace fiat money despite his enthusiasm for bitcoin. “I’m not a great hater of fiat currency like many in the crypto ­world are,” Musk told Time.

“There are advantages with crypto relative to fiat currency,” Musk says, “fiat currency tends to get diluted by whichever government it is.” The depletion of the money supply ends up being a pernicious tax on people, especially those who have cash reserves.”

On the other hand, financial experts consider bitcoin to be a volatile, dangerous, and speculative investment. As a result, it’s advised that you only invest what you can afford to lose.

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