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Elon Musk named 'person of the year', picks Dogecoin over Bitcoin

Tesla and SpaceX CEO Elon Musk has been named 'person of the year' and has explained why he backs Dogecoin over Bitcoin.

Published Wed, Dec 15 2021 12:32 AM CST   |   Updated Fri, Jan 7 2022 2:29 PM CST

Time Magazine has named SpaceX and Tesla CEO Elon Musk "Person of the Year", and throughout Musk's interview with Time, he outlined why he picks Dogecoin over Bitcoin.

The interview with Musk has been posted to the Time Magazine YouTube channel and begins with Musk being asked who he most admires, to which he explains that he admires anyone who is in pursuit of making a positive contribution to humanity. Time explains that Musk is incredibly influential, being the leader in two separate industries while also having nearly 70 million Twitter followers, he has the power to affect the price of cryptocurrencies at the push of a button.

Two of Musk's most-talked-about cryptocurrencies are Dogecoin and Bitcoin. During the interview, Musk outlines why he backs Dogecoin over Bitcoin, saying that Bitcoin is suitable for a store of value, but when it comes to transactional currency, Bitcoin isn't a good substitute, and this is due to Bitcoin having a high cost-per-transaction. Musk goes on to say that Dogecoin is a much better substitute for transactional currency due to Dogecoin having the capabilities of being able to support more transactions per day over Bitcoin.

Elon Musk named 'person of the year', picks Dogecoin over Bitcoin 01 |
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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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