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Elon Musk explains why he supports Dogecoin (DOGE) over other cryptocurrencies

Elon Musk explains why he supports Dogecoin (DOGE) over other cryptocurrencies

Tesla CEO Elon Musk has revealed that he always has his own choice cryptocurrency meme Dogecoineven above Bitcoin (BTC) and admitted that although DOGE started as a “jock”, it has “better” utility characteristics than BTC, despite declaring that he is enthusiastic about the cryptocurrency from time to time.

Elon Musk revealed the following in the podcast “Full Launch Podcast”:

“I maintain my support for Dogecoin. It has features that make it a better choice, over Bitcoin, and is the best for transactions. I know a lot of people who aren’t that rich who encouraged me to buy and support Dogecoin, so I’m responding to those people.”

In early July, Elon Musk revealed that one of his companies, The Boring Company was starting to accept Dogecoin as a form of payment. In addition, Tesla supports the cryptocurrency meme, and SpaceX has indicated its intention to adopt the asset.

Customers of The Boring Company can use their DOGE to pay for rides on the Loop, the company’s transit system in Las Vegas. The rides will cost $1.50 each and can also be paid in US dollars or by credit card.

In the past week, Details of CoinMarketCap shows that Dogecoin is in the range between $0.069 and $0.07106, reaching as low as $0.06555 on August 02 (the lowest point), although it increased to $0.0701 to $0.0701 in a few hours, right after Elon Musk’s statement.

Source: CoinMarketCap

The tycoon also gave his views on geopolitics, the conflict between Russia and the United States, space and his predictions about the country’s future. Web 3.0. He admitted that “although” DOGE was designed to be a joke, it has transaction speed performance that Bitcoin does not.

“It is good that five billion DOGE are created every year to be used as a transaction currency. People walking through the factory in SpaceX or Tesla. I was asked to support Dogecoin, so I am. You can buy Tesla and SpaceX merchandise with DOGE. You can also pay for Boring Company tours in Las Vegas.

In JuneMusk “took advantage” of the fall to buy Dogecoin (DOGE) at a discounted price. He even admitted on Twitter that he bought the cryptocurrency meme after openly declaring that he will continue to support it.


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