28/09/2022

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Musk says Bitcoin is a better store of value and Dogecoin is better for transactions

In his Time Person of the Year interview, Elon Musk discussed his thoughts on the pros and cons of Bitcoin and Dogecoin.

Elon Musk has spent a lot of time focused on the mechanic of currency. He did, after all, have a hand in the creation of PayPal, but cryptocurrency is a particularly notable area of study for him these days. He’s been a prolific force and voice beside the topic throughout 2021, and in a recent Time interview, he went into more detail on his thoughts of two of the more popular cryptocurrencies out there: Bitcoin and Dogecoin. More specifically, Musk shared his thoughts on their strengths and weaknesses.

It was very recently that Elon Musk was named Time’s 2021 Person of the Year, and it was in an interview attached to that announcement that cryptocurrency was discussed briefly. Musk has been in and out of the news on the matters of both Bitcoin and Dogecoin, and has previously disclosed his own investment in both. Having had his prominently in both throughout the year, Musk shared his thoughts on their strengths and weaknesses. Notably, he stated that Bitcoin is a better store of value and Dogecoin is better when it is moving in transactions.

Musk would go on to explain his reasoning in the Time interview:

With his voice and influence having been at the center of cryptocurrency headlines throughout the year, Musk continues to be a force in both Bitcoin and Dogecoin scenes. It was bound to come up in the Time interview as a result, but this insight into Musk’s thoughts on both cryptocurrencies may very well be worth considering as we continue to see Bitcoin and Dogecoin at the center of various financial conversations.