Tesla will accept Dogecoin for merchandise say elonmusk
He said that Bitcoin is unsuitable for payments as its transaction volume is low and the cost per transaction is high.At its base level, it’s suitable as a store of value.
Musk emphasized that fundamentally Bitcoin can’t be an alternative for transactional currency. About Dogecoin, he said that although created as a meme currency, it is suitable for transactions. Doge is a bit inflationary but even that inflationary number is a fixed number as opposed to a percentage, Musk described.
This means that its percentage inflation actually decreases after a period and that makes people spend rather than hoard it as a store of value.Musk has been a proponent and supporter of the meme cryptocurrency since its launch and called himself Dogefather at one point too. He revealed the reason for supporting Doge was because he and many of his employees at Tesla and Spacex own the crypto along with Bitcoin and Ether.