Elon Musk, the CEO of SpaceX and Tesla, believes Dogecoin (DOGE/USD) has an advantage over Bitcoin (BTC/USD) and other leading digital assets. He shared his sentiments during an interview with TIME after the famed magazine named him the person of the year. The DOGE evangelist claimed that the Shiba Inu-themed meme coin is the best option regarding completing transactions quickly.

In the interview, Musk flexed his knowledge in the currency world, saying he played a significant role in creating PayPal. He added that only a few people could surpass his understanding of the money system and the detailed mechanics of how it functions.

Speaking about the crypto space, Musk said BTC is a prime mover in the crypto market. However, its transaction volume is low, and the cost per transaction is high. To this end, the Tesla CEO believes that BTC can function as a store of value at its base level. He added that BTC’s fundamentals do not make it an ideal substitute for transactional currency.

Touting DOGE, Musk said even though the coin was created as a silly joke, it is better suited for transactions. Explaining why he believes DOGE is superior to other cryptos regarding transactional capabilities, he said the coin’s transactional flow is higher than BTC, seeing as it can process more transactions in a day.

Musk agreed that DOGE is slightly inflationary but argued that its inflationary number is fixed, but the percentage is not. With this theory, he believes the percentage inflation decreases over time, encouraging people to spend DOGE instead of hoarding it as a store of value.

Cryptos have multiple perks over fiats

Unlike other crypto proponents, Musk said he is not a huge hater of fiat currencies. Nonetheless, he pointed out that cryptos have multiple advantages over fiats. For instance, the decentralized nature of digital assets makes them immune to dilution, whereas fiats are under the control of governments, a feature that makes them prone to devaluation.

Bashing fiats, he said,

It ends up being a pernicious tax on people, especially those who have cash savings with dilution of the money supply.

Despite Musk touting DOGE, the meme coin has continued performing poorly. At the time of writing, DOGE is trading at $0.156 (£0.12) after losing 6.65% over the past 24 hours. However, it is worth noting that the broader crypto market is bleeding today, with all top-20 cryptos losing between 4.56 and 11.60% in the day.

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