Dogecoin is better suited for transactions than Bitcoin, Elon Musk told Time Magazine in a recent interview:
The transaction volume of Bitcoin is low, and the cost per transaction is high. It is, at least, at its base level, is suitable for…a store of value, but, fundamentally, Bitcoin is not a good substitute for transactional currency.
He explains that Dogecoin is “slightly” inflationary, but the meme coin’s percentage inflation actually decreases with time:
It encourages people to spend rather than hoard it a store of value.
Musk has been recognized as Time Magazine’s person of the year, joining Facebook founder Mark Zuckerberg (2010) and Amazon founder Jeff Bezos (1999).
