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Being named Time’s 2021 Person of the Year, Tesla CEO Elon Musk continued promoting Dogecoin (DOGE) in an interview with the magazine. The ‘Dogefather’ opined that Bitcoin (BTC) is not an optimal means for everyday payments and said to prefer the meme crypto. In addition, just moments ago he revealed that Tesla is accepting DOGE for payments.
Comparing the world’s top cryptocurrency with Dogecoin , Musk said:
“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, like transactions per day, is much higher potential than Bitcoin.”
It looks that the newly crowned Time’s Person of the Year ends the year in similar fashion as he started it, by trying to lift Dogecoin up. And there seems to be an effect with DOGE making gains of 15% in the last 24-hour trading at $0.1886, according to CoinMarketCap.
In the Times Magazine interview, Musk noted that Bitcoin is an excellent store of value, which is why its investors prefer to hold it rather than sell it or use it for payments. He said:
“The transaction volume of Bitcoin is low, and the cost per transaction is high,”
Dogecoin is not that good as a store of value, Musk continued and pointed out that the cryptocurrency is “slightly inflationary.” Nevertheless, he stated, this “encourages people to spend, rather than sort of hoard as a store of value.”
DOGE has been one of the best-performing cryptocurrencies in 2021, largely a result of Musk’s active endorsement on social media with the highlight being his appearance on Saturday Night Live.