Bitcoin is 'maybe a store of value,' says Elon Musk; Tesla to accept DOGE
It is not a very secluded fact that Elon Musk has been quite vocal on various topics based on cryptocurrencies. It seems that the 'Dogefather' still has a little bit of support left for his favorite Dogecoin. Musk was named the Times' Person of the Year', and in an interview with Times, the world's richest man talked about cryptocurrencies, among other topics. Furthermore,
Thoughts On Bitcoin (BTC)
Elon said in his statement that Bitcoin is not suitable for transactions because it is not as fast as other cryptocurrencies, and the network fees for a transaction are high as well. Furthermore, according to Elon, BTC is "at its base level, suitable for maybe a store of value." He also compared Dogecoin with Bitcoin, claiming that DOGE tokens are perfect for transactions.As per Elon's statement in the interview, Dogecoin is faster and requires lesser fees as compared to Bitcoin transactions. "It is slightly inflationary, but that inflationary number is a fixed number as opposed to a percentage," he described. "That means over time its percentage inflation actually decreases, and that's actually good because it encourages people to spend rather than sort of hoard it as a store of value."
"Even though it's created as a silly joke, dogecoin is better suited for transactions," said Elon.
Fiat currencies
In the interview with Times, Elon also said that he is not against fiat currencies and said that Bitcoin could not replace fiat currencies. He emphasized that fiat currencies get "diluted by whatever government it is. "He also pointed out that "fiat ends up being a pernicious tax on people, especially those who have cash savings with dilution of the money supply."Musk was one of the original members of the PayPal team when it merged with X.com, an internet financial services firm, which Musk founded in 1999.
"I could wax on about the nature of money for hours because I played a significant role in creating PayPal. There are very few people that understand [the money system] better than me," said Musk.
Tesla to accept Dogecoin?
Furthermore, Elon tweeted that Tesla is ready to test Dogecoin as a payment method. Tesla's on-and-off relationship with cryptocurrencies is a well known fact and it seems that Elon Musk has finally broken the silence on the same.100% Success Money Back Guarantee
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