Dogecoin has been supported by the CEO of both companies. He said in October that he had invested in it.
Dogecoin is the best cryptocurrencies to use, according to Musk.
Musk told Time Magazine that he doesn't think that bitcoin is a good substitute for money. Dogecoin is better suited for transactions than it was.
He said that the cost per transaction is high and that the transaction volume is low. Musk said that investors want to hold onto the currency because it's more suitable as a store of value.
He said that dogecoin encourages people to spend rather than being a store of value.
While supporters of the asset agree that it is a store of value, they would argue that it is a sound peer-to-peer financial system and could be used for transactions.
Although Musk is bullish on cryptocurrencies, he doesn't think it will replace fiat. Musk told Time that he is not a big hater of the currency.
According to Musk, there are advantages to using tHe digital currency over the traditional one. It ends up being a tax on people who have cash savings, especially those who have a lot of money.
Financial experts think that cryptocurrencies is a risky and speculative investment. It is recommended that you only invest what you can afford to lose.
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