Elon Musk: Dogecoin (DOGE) is fundamentally better than any other crypto

In a recent Lex Fridman podcast, billionaire dollar investor Elon Musk stated that the Dogecoin cryptocurrency is essentially better than anything he’s ever seen. Besides, Musk has again refuted the rumors about him being Satoshi Nakamoto.

Elon Musk admits Dogecoin is fundamentally better than anything else he has seen

In it, Musk compares Bitcoin and Doge, favoring the latter. He reminded Fridman that Dogecoin has a higher trading volume and much lower transaction fees than BTC compared to the world’s leading cryptocurrency.

“You can’t use Bitcoin effectively for most things,” he said, due to the very high transaction cost. And you cannot even scale that to a higher volume.

He calls Bitcoin’s transaction speed as “comically low” in 2021 or if you fast-forward ten years from now. And he believes there will undoubtedly be a reluctance to spend it and people would prefer to “hodl” it.

In another development, he argues that computer scientist and cryptographer Nick Szabo, who also denied creating Bitcoin, is mainly responsible for pushing the ideas that led to creating the world’s first cryptocurrency.

“He claims not to be Nakamoto, but I’m not sure. That’s neither here nor there, but he seems to be more responsible for the ideas behind Bitcoin than anyone else”, he stated.

It was here that Musk called DOGE “better than anything else I’ve seen, just by accident.” according to him, if there is some dilution of a crypto asset that happens over time, the odds are high that this currency would be used as a regular payment method. There is more incentive for it to be used in this way.

On December 13, when Musk was declared Person of the Year by Time Magazine, he also stated that Dogecoin is much better suited for transactions than Bitcoin. And he tweeted that Tesla plans to launch some merch to sell for Dogecoin as an experiment “to see how it goes.”

When asked about whether Dogecoin would be used on Mars, Musk says that that the Red Planet will have to have a different currency since it will be difficult to synchronize transactions due to the speed of light:

“It’s not gonna synchronize properly.”

Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like