Tesla CEO Elon Musk believes that Bitcoin (BTC) is not as good for day-to-day payments as the national crypto currency Dogecoin (DOGE).

In an interview with Time magazine shortly after Time magazine named Man of the Year 2021, Musk compared Bitcoin, the world’s largest crypto currency, to DOGE.

“Bitcoin does not replace good transaction currency. Although it is designed to be a ridiculous joke, Dogecoin is good for transactions,” Musk said.

Tesla CEO said bitcoin is simpler as an asset, so investors are better off storing it, rather than buying it or using it for payments. “Bitcoin transactions are small and the price is high,” Musk said.

Dogecoin, on the other hand, is not good for wallets, and Musk said crypto currency is “cheap”. However, he said, “it encourages people to spend money, rather than save, as a major museum.”

Bitcoin, the most valuable cryptocurrency in the world to date, was launched in 2009 as a “pheer-to-peer electronic money system” with a total of at least 21 million BTC. DOGE, on the other hand, had unlimited supply after unsecured supply funds after reaching the $ 100 billion supply limit in the middle of 2015.

Some within the industry, such as Ripple CEO Brad Garlinghaus, have chased Dogecoin for “boosting inflation” and unlimited supply.

Despite Musk’s criticism of bitcoin as a payment method, his electric car, Tesla, adopted BTC as a payment mechanism earlier this year. The rationale for rejecting payment options was the concern about the company’s “rapid use of parabolic fats for production and cooperation”. Tesla is still holding the most bitcoin currency in its portfolio after buying $ 1.5 billion BTC in February.

Many global companies, such as Twitter, actively use BTC as a payment method by integrating the Lightning network to reduce transaction costs.

According to chain data, Dogecoin does not appear to have a higher transaction rate than Bitcoin. At the time of writing, the daily value of bitcoin trading is $ 31 billion, or 3.5% of its market capitalization, according to CoinGecko. Dogecoin sells daily at $ 970 million, or 4.6% of its market capitalization.

DOGE emerged as one of the best crypto currencies in 2021, largely due to Musk’s strong acceptance in social media.

Source: CoinTelegraph

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