Talking about the recent developments in the tech world, Elon Musk has been called the person of the year by Time’s magazine, and interviewing with the magazine Elon Musk has hinted that Dogecoin is a far better and more efficient transactional medium than Bitcoin. He further said that Bitcoin is a solid digital asset for reserving your investment over a certain period of time, but when it comes to making consistent transactions, the price that a typical user has to pay is extremely over the top, whereas Dogecoin is far more consistent and cost-effective in terms of making transactions.
Furthermore, Musk hinted that Tesla might accept Dogecoin as a payment method for purchasing merchandise and various other aspects, and this bumped the price of Dogecoin by 30%. A few minutes later, the interview aired, and blogs were coming out regarding this statement of Elon Musk for Dogecoin; it became the most traded crypto single-handedly for many consecutive hours after that.
The token is almost up 30%, and more and more people are purchasing Dogecoin in the event of the token being registered as an accepted mode of payment for buying merchandise and other dedicated elements from Tesla. Elon Musk has previously influenced Dogecoin and has tried his best to make the token’s price come to an even dollar, but he couldn’t be succeeded in the past. This time around, the situation is different as a single interview from Musk has sent Dogecoin up 30% in the transactional volume has also seen a huge bump.
It is not yet made public which specific items or merchandise people would be able to buy from Tesla using Dogecoin, but Tesla adopting Dogecoin is enough for institutional investors out there to see value in it and, as a result,,, take it up. Bitcoin is not the favorite of Musk on account of its environmental implications originating from mining which uses natural resources and fossil fuel. But he thinks Bitcoin is more elementary in terms of using it for investment and whatnot, but people should use Dogecoin for the sake of making transactions and or buying things.