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Elon Musk Says "Total Transaction Capability of Dogecoin is Much Higher Than Bitcoin"

thecryptobasic.com 05 August 2022 09:21, UTC
Reading time: ~2 m

Elon Musk, the CEO of American electric car company Tesla, has reiterated support for meme-based cryptocurrency Dogecoin (DOGE).

In a recent interview, Musk said Dogecoin is better than Bitcoin (BTC) in terms of making payments because “The actual total transaction capability of Dogecoin is much higher than Bitcoin.”

"I'm mainly supporting Doge, as Doge has memes and dogs. The actual total transaction capability of Dogecoin is much higher than Bitcoin " – @elonmusk pic.twitter.com/yyorXaEB7g

— DogeDesigner (@cb_doge) August 5, 2022

Despite DOGE’s launch as a joke cryptocurrency in 2013, Musk stated that the token has lots of potentials, especially when it is used in payments. 

Musk has been backing words with action regarding DOGE’s payments capabilities. 

Musk has added support for Dogecoin across his businesses, including Tesla and SpaceX. The popular cryptocurrency can be used to purchase Tesla and SpaceX’s merchandise. 

Musk’s ultimate goal is to see Dogecoin being used as the “currency of the internet.” Earlier this year, Vladimir Tenev, the co-founder of Robinhood Markets, shared insights on how Dogecoin can become the currency of the internet. 

The tips shared by Tenev prompted a reaction from Musk, who called on the attention of Dogecoin’s co-creator Billy Marcus. 

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