Musk said he thinks dogecoin is better suited for transactions than bitcoin and has a 'much higher potential'
"The transaction volume of bitcoin is low and cost per transaction is high. Bitcoin is maybe suitable as a store of value but fundamentally bitcoin isn't a good substitute for transactional currency. Even though it was created as a silly joke, dogecoin is better suited for transactions," Musk said, explaining,"the total transaction flow that you can do with dogecoin, transactions per day, is substantially higher [than bitcoin] and it has much higher potential.
The bitcoin price has soared over the last 12 months as traders and investors bet it will act as a hedge against the inflation created by huge government Covid-19 stimulus measures. In May 2020, famed macro investor Paul Tudor Jones made headlines when he revealed he thought bitcoin was the"fastest horse to beat inflation."
"Dogecoin is slightly inflationary but that inflationary number is a fixed number as opposed to a percentage," Musk toldthis week."So that means over time its percentage of inflation actually decreases. That's actually good because it encourages people to spend rather than hoard it as a store of value."
"I could really wax on about the nature of money for hours because I played a significant role in creating PayPal," he said."My understanding of the money system at a fundamental level of how it actually works, the detailed mechanics of it, there are very few people that understand it better than me."
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