In a recent interview with TIME magazine, Tesla CEO Elon Musk shared his opinion on why Dogecoin (DOGE) is a far better medium of exchange than Bitcoin (BTC). While BTC might be the largest and most famous cryptocurrency in today’s age, it is clearly not the best payment method, according to the world’s richest man.
In light of the latest developments in the crypto world, Musk underscored the benefits of Dogecoin (DOGE) and explained how it outperforms BTC in various regards.
Why Dogecoin Is A Better Transactional Currency
The SpaceX chief shared valuable insights during the interview and explained how Dogecoin maintains an edge over Bitcoin despite having a lower market cap. Based on Musk’s understanding, Bitcoin can never beat Dogecoin when it comes to being the ideal transactional currency.
The reason is that Bitcoin’s transaction volume has slumped to the lowest levels lately. Moreover, BTC’s hefty transactional costs are another thorn in the flesh. On the other hand, Dogecoin boasts a much better transaction flow which makes it an ideal substitute for Bitcoin (BTC).
Elon’s Fixation With Dogecoin Skyrockets
Developed in 2013 by Jackson Palmer and Billy Markus, the meme token has emerged as a great alternative to Bitcoin. It is no secret that Elon Musk’s obsession with Dogecoin has been touching new highs recently. Back in May 2021, the world-famous Tesla CEO went to the extent of professing his love for Dogecoin (DOGE), vowing that he would never sell any of his holdings, no matter what.