Elon Musk addressed his support for Dogecoin and explained why he prefers it to Bitcoin. Check out the latest reports below.
Elon Musk addresses his support for Dogecoin
It’s been just revealed that the billionaire Elon Musk is unveiling why he continues to advocate meme asset Dogecoin (DOGE) over the leading digital asset Bitcoin (BTC).
In a new interview on Full Send Podcast, he said that even though DOGE started out as a joke, some of its features outshine what Bitcoin has to offer.
“I’m mainly supporting Doge frankly. Because I think DOGE has the memes and the dogs, and has a sense of humor and doesn’t take itself too seriously.”
He continued and said this:
“Weirdly, even though DOGE was just designed to be this ridiculous joke currency, the actual transactional throughput capability of DOGE is much higher than Bitcoin.”
He also said:
“The fact that there’s five billion DOGE created every year is actually, I think good for using it as a transaction currency.”
Musk then goes on to give examples of how DOGE could be used. He also made sure to cite his own businesses, Tesla and SpaceX, as two firms that accept the meme asset for select products.
“You can buy Tesla merch and SpaceX merch with DOGE. You can also pay for Boring Company rides in Vegas. Boring Company has tunnels under Vegas.”
Musk in the news
Back in July, we revealed that according to the latest reports coming from the Block, Twitter has sued Elon Musk to compel him to buy the platform for $44 billion, according to court documents made public on Tuesday evening.
Just in case you don’t know, Musk pulled out of the agreement, stating concern that there are bot and spam accounts on the platform.
Stay tuned for more news and make sure to keep an eye on the market.