Elon Musk, the world’s richest man famous for prioritizing , a meme coin, over , has clarified his stance. Musk, who has been named Time Magazine’s Person of the Year, explained that Dogecoin is better suited for transactions.

Musk, who has a solid understanding of the money system as he “played a significant role in creating Paypal,” explained that “the transaction volume of bitcoin is low and the cost per transaction is high.”

The world’s richest man believes that these drawbacks make Bitcoin unsuitable for making payments. But, he adds that at least at its base level, Bitcoin is suitable for “maybe a store of value.”

Elon Musk, however, believes that Dogecoin’s ability to perform transactions better than the Bitcoin network. This despite it being a joke. Musk also praised the tokenomics of the world’s biggest meme coin.

Dogecoin can be considered slightly inflationary, he explained. Dogecoin’s inflationary number is fixed and not percentage.

This means that over time its percentage inflation actually declines and it’s actually great because it encourages people spend instead of just hoarding it as a place to store value.

To The Flipside

• The asset is still underperforming despite his continued support for Dogecoin, (DOGE). This writing is at the moment. DOGEIt is currently trading at $0.1903, 74% below its May 8 all time high of $0.7376

What are the reasons to care?

Dogecoin gained acceptance as a meme currency and has continued to add utility to the respective ecosystems.

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