Time's 2021 Person of The Year Endorses Dogecoin As A Currency

As cointelegraph puts it in a news article,Elon Musk had an interview with TIME magazine as their 2021 Person of the Year. In this interview, Musk explained why DOGE could make a good currency while Bitcoin is not.

“Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin” - Elon Musk

During the interview, Elon emphasized that Bitcoin is more suitable as a store of value or proof of concept for crypto, which is why people prefer to hold it and never actually spend it. The transaction volume is low for Bitcoin, but the cost per transaction is high, so it does not have the ability to easily be used as currency according to Musk. Meanwhile, he said that Dogecoin, while not as good at storing value, is only "slightly inflationary", which “encourages people to spend, rather than sort of hoard as a store of value”.

According to cointelegraph, DOGE has been one of the topperforming cryptocurrencies in 2021, especially due to active endorsement by Elon Musk as a kind of currency of tomorrow.

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