TL;DR Breakdown
• Musk believes that transactions with DOGE are faster than with BTC.
• Elon Musk speaks many times about his preferences in crypto trading.
The founder of the automotive company Tesla, Elon Musk, has always been attracted to crypto trading and probably showcases as the biggest Dogecoin fan. Musk, who since the beginning of the year 2021 has indicated that he is an active cryptocurrency trader, reveals that transactions with Doge are better than with other tokens.
The billionaire who was named as the celebrity of the year by the Times said that Bitcoin might not be the best replacement for transactional currency. He points out that Dogecoin is the correct cryptocurrency for virtual transactions for many reasons.
Tesla’s CEO attacks Bitcoin amidst Dogecoin support
Elon Musk, who in his 50s has become the richest man in the world, has not stopped talking about cryptocurrencies and their importance in the financial world. Along with these opinions, the billionaire prefers to trade with DOGE and not with BTC for various reasons.
Musk believes that the fluidity of BTC operations is low compared to that provided by Dogecoin. However, with these statements, the businessman does not say that BTC is less profitable, but claims it is a holding token rather than a transaction.
Without a doubt, the BTC and DOGE operations are very different due to their market capitalization, real value, and several nodes. Many people prefer to trade with Dogecoin because the operations are completed quickly, but this requires that the number of tokens sent is large. Transactions with Bitcoin are simplified to some satoshis because not all merchants have to send over $47000 in a single transaction.
Elon Musk believes crypto better than Fiat
Elon Musk has not only revealed his attraction to crypto, but he is also trying to combat the centralized market. He believes that cryptocurrencies are not enemies of central money such as the dollar, Euro, British pound, or other currency, but open space towards an alternative financial market. Musk believes that the various crypto regulators are wrong and should refresh their ideas on cryptocurrencies.
In the interview with the Times, Elon Musk said that the cryptocurrency market has certain advantages such as transparency, fast operations, and a renewed security system. However, not all economists share Elon Musk’s ideas about cryptos, which is why they brand them as a risky and volatile source of trade.
Bitcoin has fallen by 4.44 percent in price, reaching $47,551. Dogecoin currently trades at $0.1589, losing 5.22 percent in the last 24 hours. Perhaps Musk’s views were not so convincing about cryptocurrencies, and that is why they did not generate any serious changes in the decentralized market.
