Tesla CEO Praises Dogecoin and Criticizes Bitcoin

Elon Musk, the chief executive of both Tesla and Spacex, stated that he considers dogecoin better than anything else and went on to criticize bitcoin. Some of the other things he talked about included the currency of Mars and Bitcoin’s pseudonymous creator. The CEO had given an interview to Lex Fridman that was published Tuesday in which he had shared his thoughts about crypto, dogecoin, bitcoin as well as Satoshi Nakamoto. It is common knowledge that Tesla’s head is a supporter of the meme crypto Dogecoin (DOGE). Musk said that he was aware that dogecoin had been created as a joke, but he said that he believes there is merit to the crypto because its trading volume capability is significantly higher than bitcoin. 

The Tesla executive added that the cost of dogecoin transactions is also very low, which is another aspect in its favor. He said that comparing it to Bitcoin would show that the cost would be very high. This means that it cannot be used effectively for most tasks and it cannot have a high volume either. After this interview, a lot of people took to Twitter to remind the Tesla CEO of the Lightning Network. It is important to note that this is not the first time that Musk has favored dogecoin over bitcoin when it comes to transactions.

During his interview with Time Magazine for ‘Person of the Year’, Musk said that bitcoin was a better option for a store of value, whereas dogecoin was better for making payments. He also recently made the announcement that his electric car company would begin accepting payments in DOGE. The crypto community often refers to the CEO of Tesla as the dogefather, given his support for the meme token. He further opined that he wasn’t saying that dogecoin was the ideal system for a currency, but he said that it was fundamentally better than everything else he had come across, even by accident.

Musk was also questioned if he was considering making dogecoin Mars’ official currency. He responded that Mars would need a different currency because it is not possible to synchronize because of the speed of light, or not easily. He elaborated that Mars is approximately four light minutes away at its closest and 20 light minutes away or more. Therefore, he said that it was difficult to synchronize something when there was such a difference in speed, as it wouldn’t happen. The Tesla boss added that he wasn’t even sure if there would be crypto on Mars, but it does seem likely.

The Spacex boss was also questioned whether he is the founder of bitcoin, Satoshi Nakamoto, as a lot of people consider him to be. He was quick to respond that he wasn’t and he admitted that he would tell everyone if he was. He also shared his own theory about the identity of Bitcoin’s creator. He said that if you consider the evolution of ideas before Bitcoin was launched, it seems as though Nick Szabo might be responsible for the evolution of those ideas.