• Coins MarketCap
    • Coins MarketCap
    • Crypto Calculator
    • Top Gainers and Loser of the day
  • Crypto Exchanges
  • Bitcoin News
  • Crypto News
    • Cryptocurrency
    • Blockchain
    • Finance
    • Investing
    • View all latest Updates regarding crypto
Tuesday, January 31, 2023
WIREOPEDIA
No Result
View All Result
Contribute!
CONTACT US
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
WIREOPEDIA
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
No Result
View All Result
WIREOPEDIA
No Result
View All Result
Home Blockchain

Elon Musk Says Bitcoin Suitable for Store of Value, Dogecoin for Transactions as Time Names Him Person of the Year

wireopedia memeber by wireopedia memeber
December 13, 2021
in Blockchain, Crypto, Crypto Market, Cryptocurrency, Finance, Investing, Market
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

Elon Musk Says Bitcoin Suitable for Store of Value, Dogecoin for Transactions as Time Names Him Person of the Year

You might also like

SBF’s bail bond co-signers may soon be named

Bitcoin Spiked to $23,960, But Traders Are Not Very Greedy

Bitcoin Soars In Nigeria As Government Promotes Digital Cash

Tesla CEO Elon Musk, who has been named Time Magazine’s Person of the Year, says bitcoin is suitable as a store of value while the meme cryptocurrency dogecoin is more suitable for transactions. “Even though it’s created as a silly joke, dogecoin is better suited for transactions,” Musk said.

Time Magazine’s Person of the Year Says Bitcoin Suitable for Store of Value, Dogecoin for Transactions

Tesla and Spacex CEO Elon Musk, the richest person in the world, has been named Time Magazine’s “Person of the Year” for 2021. During an interview with the magazine, published Monday, Musk talked about cryptocurrencies bitcoin (BTC) and dogecoin (DOGE).

“For nearly a century, Time has named a Person of the Year — the individual or group who most shaped the previous 12 months, for better or for worse,” CEO Edward Felsenthal explained. “Person of the Year is a marker of influence, and few individuals have had more influence than Musk on life on Earth, and potentially life off Earth too,” he added. Musk’s net worth is more than $300 billion.

“I played a significant role in creating Paypal so my understanding of the money system at a fundamental level, how it actually works, the detailed mechanics of it — I think there’re very few people that understand it better than me,” Musk began.

The Tesla CEO then suggested that bitcoin is unsuitable for payments. “The transaction volume of bitcoin is low and the cost per transaction is high,” he said, emphasizing:

It is, at least at its base level, suitable for maybe a store of value.

While reiterating that “Fundamentally, bitcoin is not a good substitute for transactional currency,” Musk proceeded to talk about dogecoin (DOGE).

The Tesla boss has long been a proponent of the meme cryptocurrency. He is even known in the crypto community as the Dogefather. He previously revealed that he personally owns dogecoin, bitcoin, and ether. His companies – Tesla and Spacex – however only own bitcoin.

The Tesla technoking said in the interview with Time Magazine:

Even though it’s created as a silly joke, dogecoin is better suited for transactions.

The CEO of Tesla and Spacex continued to explain about dogecoin. “It is slightly inflationary but that inflationary number is a fixed number as opposed to a percentage,” he described. “That means over time its percentage inflation actually decreases and that’s actually good because it encourages people to spend rather than sort of hoard it as a store of value.”

Musk previously explained that he sees DOGE as the people’s crypto and everyone he talks to at Tesla owns dogecoin. In August, he agreed with Shark Tank star Mark Cuban, the owner of the NBA team Dallas Mavericks, that “The community for doge is the strongest when it comes to using it as a medium of exchange.”

Do you agree with Elon Musk about bitcoin and dogecoin? What do you think about him being Time Magazine’s Person of the Year? Let us know in the comments section below.

Read Entire Article
Tags: BitcoinBlockchainCoin SurgesCryptocurrenciesMarket StoriesTrading
Share30Tweet19
wireopedia memeber

wireopedia memeber

Recommended For You

SBF’s bail bond co-signers may soon be named

by wireopedia memeber
January 31, 2023
0

The judge overseeing Sam Bankman-Fried’s criminal case has decided that the names of two bail bond signers can be revealed, as determined in a January 30 filing The...

Read more

Bitcoin Spiked to $23,960, But Traders Are Not Very Greedy

by wireopedia memeber
January 31, 2023
0
Bitcoin Spiked to $23,960, But Traders Are Not Very Greedy

Sentiment data reveals that the Bitcoin price upwards trend from November lows to as high as $23,960 on January 30 was marked by “sober” traders Related Reading: Gala...

Read more

Bitcoin Soars In Nigeria As Government Promotes Digital Cash

by wireopedia memeber
January 31, 2023
0

Bitcoin (BTC) has seen an exponential increase in demand in Nigeria as the country’s central bank encourages the population to switch to digital cash As a result, the...

Read more

Axie Infinity Shards Price Prediction as AXS Bears Growl, Eye 25% Drop

by wireopedia memeber
January 31, 2023
0

Axie Infinity Shards (AXS), the cryptocurrency that powers Axie Infinity’s web3, non-fungible token-based gaming ecosystem, is one of the worst-performing cryptocurrencies in the top 100

Read more

Sam Bankman-Fried’s $250M bail guarantors to be made public, says judge

by wireopedia memeber
January 31, 2023
0

A Jan 30 ruling could see the identities of the two individuals who signed on as sureties for Sam Bankman-Fried’s

Read more
Next Post

BBVA Switzerland becomes the first traditional bank in Europe to add Ethereum to its crypto offering

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Related News

Bitcoin Volatility Sinks To Multi-Year Lows As Chaotic 2022 Approaches Quiet End

December 13, 2022

‘We are scared’: Tourist destination engulfed by floods with fears of more heavy rain

September 1, 2022
Weekly Round-Up On Shiba Inu, Where Will Price Be Headed?

Weekly Round-Up On Shiba Inu, Where Will Price Be Headed?

October 10, 2022

Browse by Category

  • Blockchain
  • Breaking News
  • Business
  • Crypto
  • Crypto Market
  • Cryptocurrency
  • Defense
  • Entertainment
  • Finance
  • Health Care
  • Investing
  • Market
  • Politics
  • Strange
  • Technology
  • UK News
  • US News
  • World
WIREOPEDIA

Wireopedia is an automated news feed. The Wireopedia AI pulls from sources with different views so you can see the various sides of different arguments and make a decision for yourself. Wireopedia will be firmly committed to the public interest and democratic values.

Privacy Policy     Terms and Conditions

CATEGORIES

  • Blockchain
  • Breaking News
  • Business
  • Crypto
  • Crypto Market
  • Cryptocurrency
  • Defense
  • Entertainment
  • Finance
  • Health Care
  • Investing
  • Market
  • Politics
  • Strange
  • Technology
  • UK News
  • US News
  • World

BROWSE BY TAG

Bitcoin Bitcoinist Bitcoinmagazine Blockchain Blockonomi Breaking News Business BuzzFeed Celebrity News Coin Surges Cointelegraph Cryptocurrencies Cryptoslate Defense Entertainment Health Care insidebitcoins Market Stories newsbtc Politico Skynews Strange Technology Trading UK US World

RECENT POSTS

  • Pick Some Outfits And We’ll Tell You Which SZA Song You Are
  • SBF’s bail bond co-signers may soon be named
  • I’m Genuinely Curious If You Think These TV Characters Are A Soldier, Poet, Or King
  • I’m Genuinely Curious If You Think These TV Characters Are A Soldier, Poet, Or King
  • Sarah Michelle Gellar Says That Marvel Fans Aren’t “Accepting” Enough Of Female Superheroes

© 2022 WIREOPEDIA - All right reserved.

No Result
View All Result
  • Home
  • Breaking News
  • World
  • UK
  • US
  • Entertainment
  • Business
  • Technology
  • Defense
  • Health Care
  • Politics
  • Strange
  • Crypto News
  • Contribute!

© 2022 WIREOPEDIA - All right reserved.

  • bitcoinBitcoin(BTC)$22,889.00-3.18%
  • ethereumEthereum(ETH)$1,573.13-3.95%
  • tetherTether(USDT)$1.00-0.05%
  • usd-coinUSD Coin(USDC)$1.00-0.07%
  • binancecoinBNB(BNB)$309.86-1.63%
  • rippleXRP(XRP)$0.393999-4.27%
  • binance-usdBinance USD(BUSD)$1.000.03%
  • cardanoCardano(ADA)$0.373583-4.55%
  • dogecoinDogecoin(DOGE)$0.0926603.89%
  • matic-networkPolygon(MATIC)$1.09-5.50%
  • okbOKB(OKB)$37.75-4.47%
  • solanaSolana(SOL)$24.18-4.43%
  • staked-etherLido Staked Ether(STETH)$1,569.58-3.96%
  • polkadotPolkadot(DOT)$6.24-4.66%
  • shiba-inuShiba Inu(SHIB)$0.000012-0.88%
  • litecoinLitecoin(LTC)$93.81-1.67%
  • avalanche-2Avalanche(AVAX)$19.61-4.37%
  • tronTRON(TRX)$0.062597-1.23%
  • daiDai(DAI)$1.00-0.08%
  • uniswapUniswap(UNI)$6.54-4.93%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,889.00-3.26%
  • cosmosCosmos Hub(ATOM)$13.23-3.04%
  • chainlinkChainlink(LINK)$6.98-4.49%
  • bitcoin-cashBitcoin Cash(BCH)$134.05-0.73%
  • stellarStellar(XLM)$0.090680-3.07%
  • crypto-com-chainCronos(CRO)$0.078168-4.53%
  • nearNEAR Protocol(NEAR)$2.32-7.23%
  • filecoinFilecoin(FIL)$5.12-5.33%
  • algorandAlgorand(ALGO)$0.241711-5.98%
  • vechainVeChain(VET)$0.023260-3.84%
  • axie-infinityAxie Infinity(AXS)$10.77-9.04%
  • elrond-erd-2MultiversX(EGLD)$42.47-5.16%
  • terra-lunaTerra Luna Classic(LUNC)$0.000167-4.48%
  • compound-ethercETH(CETH)$31.57-4.10%
  • ftx-tokenFTX(FTT)$1.91-20.60%
  • terrausdTerraClassicUSD(USTC)$0.021484-3.56%