Elon Musk Says People Should Consider Dogecoin as an Alternative to Bitcoin

Elon Musk Says People Should Consider Dogecoin as an Alternative to Bitcoin

February 8, 2022 0 By Keith Jacobs

Elon Musk happens to have a startling statement for Dogecoin over its priority towards Bitcoin and how it would prove to be a more efficient transactional medium than the flagship cryptocurrency. This statement comes forwards as Time magazine appoints Elon Musk as the person of the year. During an interview with the magazine, Elon Musk said that Dogecoin is more advanced and better suited for the sake of performing transactions than Bitcoin and that people should consider Dogecoin as an alternative to Bitcoin if they would entertain the possibility.

Coming from such an influential personality, this statement is ought to have an impact on people, and it is being assumed that the on-chain transactional volume for Dogecoin would ecstatically increase. But given the history of past interventions of Elon Musk and his tries to bump the price of Dogecoin, it has never become an absolute eventuality, but who knows, maybe this time it would be different and would actually mean something. He has also said that the transactional volume for Bitcoin is low, and the overall cost per transaction is fairly high, even from a competitor’s point of view.

Elon Musk Still Values Dogecoin Over any Other Cryptocurrency

Elon Musk further elaborated that Bitcoin might be a suitable asset to consider when it comes to using it as a store of value, but besides that, it doesn’t have as much give and benefits to offer to the end-consumers. It might be the past obsessiveness of Elon Musk talking, once again drumming up support for the Dogecoin by naming it his favourite and actually validating it as the potential mode of transaction to the general public.

When asked about the inflationary nature of the Dogecoin, he said that the crypto is a bit inflationary without any doubt, but it is going to be toned down as time passes and would decrease significantly. People are more tempted by Dogecoin to spend the crypto rather than hoarding it or trying to amass more and more of it to turn a profit when the market takes a turn in their favour; that is why according to Musk, people should be more in line with Dogecoin than any other crypto.