Elon Musk recently informed Time Magazine that Dogecoin is more equipped for trades than Bitcoin. Musk believes that Bitcoin’s transaction volume is limited and that the price per transaction is excessive. At its most basic level, Bitcoin is excellent for…a store of wealth, and yet it is not really an acceptable alternative for transactional cash. He argues that Dogecoin is “somewhat” inflationary, yet the percentage inflation of the meme coin ultimately declines with time.
It promotes individuals to use their money instead of saving it as a store of value. Musk was already named Time Magazine’s Person of the Year, following in the footsteps of Facebook creator Mark Zuckerberg (2010) and Amazon owner Jeff Bezos (1999).
The issue of the magazine wraps off a year defined by the South African native. With a Twitter post in early 2021, he supercharged the meme stock mania and contributed to making Dogecoin, a Bitcoin copycat designed as a jest, among the most expensive cryptocurrencies.
He solitarily caused the Bitcoin value to spike by requiring Tesla to acquire $1.5 billion in the biggest cryptocurrency and allow it for vehicle orders, only to send it tumbling back in May after his payment policy change.
Tesla had become a trillion-dollar corporation early this year, and Musk’s net fortune reached $300 billion, cementing his position as the globe’s richest person.
Nevertheless, the industry’s year was marred by problems, ranging from fatal accidents that called into doubt the firm’s technology to sexual harassment allegations.
Musk’s SpaceX is now on the verge of launching its largest rocket yet, as part of the “space race” involving him and compatriot billionaire Bezos.
The mogul has had his due share of government turmoil, poking blows at US President Joe Biden and mocking prominent Democrats like Vermont Senator Bernie Sanders with immature tweets.
Musk is a hugely divided personality, loved by techie dudes and reviled by liberals alike, but he is far from Time Magazine’s biggest contentious selection.