Tesla boss Elon Musk said yesterday that Dogecoin (DOGE) is better than Bitcoin in terms of transaction volume. He reported it in the “Full Send Podcast” on Friday (8/5/2022).
The richest man in the world and CEO of Tesla, Elon Musk, is a well-known supporter of Dogecoin. In a recent interview on Full Submit podcast said that the Dogecoin blockchain has a much higher transaction capacity than Bitcoin.
Elon Musk and Dogecoin
He also noted that today’s DOGE can be used not only to buy goods at Tesla and SpaceX, but also as a means of payment at other large companies such as The Boring Company, which offers subway transportation services in Las Vegas.
Musk explained that Dogecoin transactions can be completed in 60 seconds, while Bitcoin transactions take about 10 minutes.
For Musk, this is enough to make DOGE a better payment system. The fact that it has a large community also helps.
“Honestly, I’m a huge supporter, because I think Doge is unique, both as a meme and as a dog, and he doesn’t take himself too seriously. I think it’s actually weird that even though Doge was designed just to be like this funny joke, Doge’s overall transaction capabilities are actually far greater than Bitcoin.”
He further emphasized that Dogecoin’s inflation factor, which allows for the creation of 5 billion units per year, may be better in the long run for establishing its use as a transaction currency, far from Bitcoin and its maximum supply of only 21 million BTC.
“The fact that five billion dollars are created every year is actually good to use as a transactional currency,” he said.
Tesla Sells Bitcoin, This Trader Reminds The Next Crucial Level Of BTC’s Destiny
Musk and the crypto scam
Another issue Elon is addressing is the growing number of crypto-related scams. He warns that his Twitter account is the target of many fraudsters, due to his high engagement with his followers. No wonder what Elon said about Doge or BTC can affect the crypto market.
Tesla sells BTC
Previously, Tesla announced that it had sold its BTC equivalent 936 million dollarswhich is equal to 75 percent of his savings in the second quarter of 2022.
Tesla CEO Elon Musk said the decision to sell BTC was made to make money in the face of uncertain economic conditions due to China’s re-implemented COVID policy isolation and affect Tesla’s production capacity.
The electric car maker reported selling $936 million worth of BTC, equivalent to 75 percent of its savings in the second quarter of 2022. [ps]