Elon Musk has lately been increasingly active in releasing his views on crypto on his twitter site. Most recently he commented on Jack Dorsey’s statement on Web3, Bitcoin and Ethereum as well as the statement of Dogecoin co -founder Billy Markus.
He agrees with Markus that Bitcoin only gives ‘power to the new rich’. In addition he also agreed that DOGE offers diversity on the basis that he re-emphasized his ‘pro-Doge’ stance.
“My goal is to develop something and make money. I'm used to corporate organizations and don't really look to leave it ~ bitcoin only empowers new rich people. ”
- Shibetoshi Nakamoto (@BillyM2k) December 23, 2021
As we all know that Musk has repeatedly expressed support for DOGE by calling it a ‘crypto asset of the people’. In addition, Musk also earlier this month had made a confirmation that it accepted DOGE as one of the payment tools for some items. This will be the cornerstone for integrating it into a more integrated system.
Musk categorizes DOGE as a medium of routine use while BTC as a store of value. In an interview with TIME magazine, he claimed that DOGE is a better payment option than Bitcoin (BTC), further stating that BTC is not suitable for daily payments.
He said, “Basically, bitcoin is not a good substitute for a transaction currency. Although it was created as a joke, dogecoin is more suitable for transactions. The number of bitcoin transactions is low and the cost per transaction is high. ”
Musk finally argues that DOGE on the other hand it acts to “encourage people to spend, rather than make it a store of value”. While BTC prefers to hold it.
