Elon Musk thinks Dogecoin is better than Bitcoin for transactions

Elon Musk believes that Bitcoin is popular as a store of value but Dogecoin is better for transactions.

Elon Musk is all team Dogecoin now. The Tesla chief was one of the biggest endorsers of Bitcoin till a year back and even announced that his car-making company, Tesla will accept payments in Bitcoin (only to take a U-turn), but in a recent interview with Time magazine, said that Dogecoin is better for transactions as compared to Bitcoin. Musk said that Bitcoin is popular among investors because each token currently stores large amounts of fiat currency. He added that Dogecoin is better for daily purchases.

“The transaction value of Bitcoin is low and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But 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. The total transaction flow that you do with Dogecoin is transactions per day has much higher potential than Bitcoin.”,” Elon Musk told the magazine, after being named Time Magazine's “Person of the Year”.