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Cryptocurrencies are unlikely to replace fiat currencies, says Elon Musk



Elon Musk was elected Person of the Year 2021 and gave an interesting interview that also featured cryptocurrencies.

Elon Musk, CEO of SpaceX and Tesla, was named Times Person of the Year 2021 by Times Magazine. This latest development makes him the most influential person in the world right now.

During his interview with Times Magazine, Musk said he found cryptocurrencies very interesting. However, he doesn't think they will replace fiat currencies. The CEO of Tesla has always been an admirer of cryptocurrencies, especially Dogecoin.

He explained that he finds cryptocurrencies interesting and can talk endlessly about the concept of money as a resource allocation information system. However, he does not believe that cryptocurrencies will currently do the job of fiat currencies.

Elon Musk also spoke about Dogecoin and Bitcoin. He has spoken several times about his admiration for the meme coin and used the opportunity to promote it. According to Musk, Dogecoin is a better cryptocurrency for everyday payments when compared to Bitcoin. He told Times Magazine:

“Basically, Bitcoin is not a good substitute for transaction currency. Although it was created as a silly joke, Dogecoin is better for transactions. Bitcoin's transaction volume is low and the costs per transaction are high. "

Musk pointed out that Bitcoin is currently more suitable as a store of value. This is why investors are more likely to keep it than sell it or use it for transactions. The dispute over the best use case of Bitcoin has raged in the cryptocurrency space in recent years.

The broader cryptocurrency market has underperformed over the past few weeks. Bitcoin's value is down more than 30% from the all-time high of $ 69,044 it hit last month. Dogecoin is also struggling and is no longer one of the top ten cryptocurrencies by market capitalization.

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