Through a podcast, Tesla’s CEO explained how Dogecoin did much better in comparison to Bitcoin.
Elon Musk, CEO of Tesla & SpaceX, is popularly known as a proponent of Dogecoin. Personally, he is holding Bitcoin, Ethereum, and Dogecoin. Elon himself revealed that farming crypto assets isn’t worth it.
Recently Elon appeared in the podcast by Lex Fridman. Elon shared many achievements of Dogecoin that it grabbed in 2021.
Elon said that the Dogecoin project did much better fundamentally over other crypto projects, in his point of view.
Elon compared Dogecoin with Bitcoin. And said that comically Dogecoin did much better. Tesla CEO noted that Dogecoin facilitated a huge volume of crypto transactions and also very small fees in comparison to Bitcoin transactions fees.
“You can’t use it (Bitcoin) effectively for most things,” he said, due to the very high transaction cost. And you cannot even scale that to a higher volume, Elon added
Elon also noted that if the community wants to see an increase in the price of Dogecoin then there is a huge need to hold the Dogecoin asset instead to spend it.
Besides these things, Elon said that if the price of Dogecoin will face a huge downfall then it will be better to use Dogecoin in terms of payment purposes. So Elon Musk sees Dogecoin as a profitable option in both the upside and down in the value of Dogecoin.
However, the support of Elon Musk for Dogecoin is appreciable but many crypto users criticized Elon on Twitter. Many crypto traders said that Elon did very wrong with the decision to suspend the Bitcoin payments option from Tesla.