Elon Musk, a billionaire, explains why he continues to support Dogecoin (DOGE) over Bitcoin, the top digital currency (BTC).
In a recent interview on the Full Send Podcast, the business magnate asserts that while DOGE began as a joke, some of its characteristics surpass those of Bitcoin.
“I’m primarily supporting Doge. Because I believe DOGE has memes, dogs, a sense of humour, and does not take itself too seriously.
DOGE’s transactional throughput capacity is far greater than Bitcoin’s, even though it was intended to be stupid joke money. The fact that five billion DOGE are minted yearly is favourable for its use as a medium of exchange.”
Musk then provides instances of how DOGE may be used, mentioning Tesla and SpaceX as two of his own companies that take the meme value for chosen items.
“Doge may be used to purchase Tesla and SpaceX merchandise. In Las Vegas, you may also purchase Boring Company rides. Boring Company has constructed tunnels under Las Vegas.”
Musk, a DOGE loyalist, previously maintained his support for the meme asset despite its almost 90% decline from an all-time high. DOGE is trading at $0.068 at the time of writing, representing a daily increase of 2.5%.
