Business magnate, the person of 2021 by Time magazine, Elon Musk talked about crypto, in particular Bitcoin and Dogecoin, pointing out their advantages and use cases.
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Musk was a co-founder of digital payments company PayPal and says the nature of money is one of the things that is possible to discuss for hours. Tesla CEO finds there are very few people who understand the working system of the structure. He said it's about detailed mechanics.
Talking about Bitcoin, the billionaire mentioned that BTC serves as a store of value. Speaking about the coin's use cases, Musk pointed out high operational costs and that BTC isn't a good means for transactions.
Next, Musk talked about his favorite crypto token DOGE. He said although initiated as a joke, DOGE better suits for carrying out financial operations. Also, Musk said Dogecoin enables more daily transaction flow than BTC. He then tweeted that Tesla will accept Dogecoin for some products.
Tesla will make some merch buyable with Doge & see how it goes
— Elon Musk (@elonmusk) December 14, 2021
In the last 24 hours, Dogecoin price went up by around 32%. Currently, the token trades at around $0.21. DOGE has a market cap of $3.8 billion, which makes it the 9th largest crypto.
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Bitcoin price, on the other hand, fell by about 2% and now is $47.700.