Elon Musk prefers and considers Dogecoin better than Bitcoin. Musk like several other billionaires, has been a supporter of Dogecoin for years. Also, by his own admission, he sees the potential of Dogecoin even though the memecoin is not used to store value. Furthermore, the richest man in the world defines the dog cryptocurrency as a human cryptocurrency, which means that it is widely recognized and used.
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Many of us may be outraged by the comparison of Bitcoin and Dogecoin, because the cryptocurrency created as a joke cannot match Bitcoin. On the other hand, Elon Musk does not believe that Dogecoin is a good investment, which is influenced by the inflation mechanism. At the same time, it is thanks to him that people are encouraged to spend their Dogecoin, and not breed them, as is often the case with Bitcoin followers.
Since Dogecoin is not used to store value, you can use it to pay for everyday purchases without regret. And it is that we remember that Tesla accepts payments with Dogecoin. According to Musk, Bitcoin is not suitable for this because it is deflationary and in limited supply. Therefore, it cannot be considered a good substitute for traditional currencies.
Real-time chart of Dogecoin DOGE DOGEUSD cryptocurrency quotes over a one-week time span
But we keep wondering if Dogecoin can really replace payment card networks… The CEO of Robinhood has recently joined the group of celebrities who publicly praise the benefits of Dogecoin. Vlad Tenev claimed that Dogecoin could become a cheaper alternative to payment card networks. However, for this to happen, reduce the block time to ten seconds.