Tesla CEO Elon Musk was recently appointed as the person of the year by Time Magazine. Speaking to the journalists, Musk claimed that Dogecoin is a better store of value in comparison to the top coin. He further explained that while Bitcoin has performed well during the current year, it is not a great choice for operating legal tender.
He also pointed out that the transaction volume for Bitcoin is decreasing, and the related gas fees are increasing. He claimed that while Bitcoin is a suitable cryptocurrency for portfolio diversification but it is not a great substitute for a transaction or a paperback alternative.
Dogecoin can Turn into a Deflationary Asset Over Time
During the interview with Time magazine journalists, Musk claimed that Dogecoin is inherently an inflationary asset. He further remarked that the meme coin has the potential to transition into a deflationary investment option with time. It is worth noting that Musk singlehandedly increased the value of Dogecoin with related tweets.
He also set the trend for institutional adoption of Bitcoin by adding $1.5 billion worth of Bitcoin to the balance sheet of Tesla. Due to the rising concerns over the environmental pollution for Bitcoin, Tesla decided to revoke the Bitcoin payments for their products. Musk claimed that Tesla would reconsider its positions when more than 75% of the total Bitcoin energy generation is sourced from green energy.
Tesla started the current year by becoming a trillion-dollar enterprise much like the cryptocurrency market. According to Times Magazine, the net worth of Tesla’s CEO is currently valued at $300 billion, making him the richest person in the world. During the 2nd and 3rd quarters of 2021, Tesla and SpaceX stock suffered from a little detour on account of controversial media reports.
Musk has taken shots at President Biden and Democrats politician Senator Bernie Sanders with harsh comments. However, his tweets have been able to influence commercial interest traffic into Bitcoin and other cryptocurrencies as well as retail investors. Musk has become a world-known technological personality with an equal number of fans and critics.