esla CEO Elon Musk often promotes one or the other cryptocurrency. His tweet in favor of a cryptocurrency causes a sharp jump or fall in that currency.
Now Musk has once again tweeted about Dogecoin. The veteran Musk, who was recently selected as Time magazine’s ‘Person of the Year’ for 2021, said that the cryptocurrency Dogecoin is better for transactions than bitcoin.
Bitcoin’s Transaction Cost Higher
American electric car company Tesla and SpaceX owner Elon Musk said in an interview to Time Magazine that when it comes to transactions per day, Doge Coin is a better currency. He said that the transaction value of bitcoin is low, but the cost per transaction is high. The billionaire said that bitcoin is not a good substitute for transaction currency.
Musk has been chosen as the prestigious Time magazine’s ‘Person of the Year’. The magazine described Musk as a visionary, an inspiration, a genius and a brilliant industrialist. Musk is also the founder and chief executive officer (CEO) of Space-X, a company that organizes space missions.
Net worth of about $ 300 billion
Musk recently overtook Amazon founder Jeff Bezos to become the world’s richest person. His company Tesla is the biggest hand in this leap of Musk, due to which his net worth has touched about $ 300 billion. Musk holds about 17 percent stake in Tesla.
Time magazine has cited Musk’s efforts to build the world’s most valuable car company Tesla in addition to alternative energy company ‘SolarCity’ since the founding of Space-X in 2002.
A few months ago, Musk was also in favor of bitcoin. He once announced that bitcoin would be accepted as payment for Tesla’s cars. After that there was a sharp increase in the price of bitcoin. They themselves are also keeping bitcoins for purchase. Later they refused to pay in bitcoin. After that he often tweets about the dog coin.
