Elon Musk, CEO of Tesla and SpaceX, has consistently supported Dogecoin, he has invested in Bitcoin and Ether as well.
But for Musk, Dogecoin has an advantage over Bitcoin and other cryptocurrencies: He considers Dogecoin to be the best cryptocurrency to trade.
“Basically, Bitcoin is not a good substitute for forex trading,” Musk told Time Magazine after he was named Person of the Year 2021. “Even if it was intended as a joke.
Elon Musk is Times Person of the Year 2021
“Bitcoin’s transaction volume is low and the cost per transaction is high,” said Musk, adding that bitcoin is better as a store of value, which is why investors want to hold it, not sell it, or use it to transact.
On the flip side, Dogecoin is a currency that “encourages people to spend money rather than hoarding it as a store of value,” he said.
While proponents agree that Bitcoin is a store of value, they also take the position that it is designed as a peer-to-peer financial system and can be used for other purposes, just like El Salvador does.
And while Musk is clearly bullish about crypto, he doesn’t think it will replace fiat money. The richest billionaire in the world told Time: “I’m not a big Fiat fan like many people in the crypto world.”
However, according to Musk, “cryptocurrency has advantages over fiat money because cryptocurrencies tend to be watered down by a particular government. It will eventually become a toxic tax for everyone, especially money savers. ”
However, financial experts consider cryptocurrencies to be a volatile, risky and speculative investment channel. And they recommend investing only what you can lose.
Yesterday Elon Musk was named Person of the Year by Time Magazine for his global influence.
“Person of the year is an influencer. Few people, even aliens, have more influence on life on earth than Elon Musk. In 2021, Musk is not only the richest person in the world, but possibly the clearest example of the transformation of our society, ”said Time editor-in-chief Edward Felsenthal.
2021 is considered a memorable year for Musk. He became the richest person in the world with a net worth of more than $ 264 billion, thanks in part to the surge in Tesla’s share price. SpaceX, a company he founded, also took the first flight to put tourists, not professional astronauts, into orbit.
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page