Dogecoin (DOGE) started as a joke, but now it is Elon Musk’s favorite blockchain.
The world’s richest billionaire and CEO of Tesla, Elon Musk, a well-known DOGE supporter, confidently stated that the Dogecoin blockchain has a much greater tradability than Bitcoin in a recent interview on Full Send Podcasts.
He also pointed out that DOGE can now not only be used to make purchases at Tesla and SpaceX but also as a means of payment at other major companies such as The Boring Company, which provides subway transportation services in Las Vegas.
Musk explained that Dogecoin transactions are completed in 60 seconds while Bitcoin transactions take about 10 minutes. For him, this was enough for Doge to be seen as a better payment system.
“I’m mainly supporting Doge frankly because I think Doge has the memes and dogs, and it seems to have a sense of humor and doesn’t take himself too seriously. I think actually weirdly, even though Doge was just designed to be like this ridiculous joke currency, but the actual total transactional throughput capability of Doge is much higher than Bitcoin.”
He further emphasized that Dogecoin’s inflation factor, which allows 5 billion Doge to be generated annually, could be better in the long term as it is established to be used as a transaction currency, far from Bitcoin. Its maximum supply is 21 million BTC.
One of the downsides of deflation is that it encourages hoarding since the real value of money increases over time. This issue may affect the Bitcoin economy in the future, as according to studies conducted in 2013 by the University of San Diego and George Mason University, more than 60% of BTC mined has not moved since 2018.
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