Elon Musk Revealed Why DOGE Is Better Than Bitcoin

Elon Musk revealed why DOGE is better than Bitcoin and the first thing he noted was that Dogecoin’s unlimited supply is a strength when it comes to payments so let’s read more in today’s Dogecoin news.

Elon Musk revealed that Dogecoin is better than Bitcoin in speaking to Lex Fridman, he talked about a lot of other things as well like colonizing Mars and Tesla’s autopilot functionality. However, the stand-out topic of conversation was his thought on the popular meme coin. While purists continue to slam DOGE because of its poor fundamentals, Musk said that its weakest attributes are actually its strengths. 2021 was a year of highs and lows for DOGE and its start was characterized by hypes as the coin made a huge 15,000% YTD gains but then tumbled down and became less impressive. The enduring drawdown since then saw investors looking at other coins. The price of DOGE plummeted from its May high and found support at $0.1573 on a few occasions but fell flat in terms of getting a stronger upside during this period.

Critics said the reason boils down to Doge’s poor fundamentals and these include no-real world utility and a lack of development. Maybe the main criticism is its unlimited supply of tokens that some belief makes DOGE a bad asset. According to Motley Fool, over 5 billion new tokens are minted every year:

“A block reward is handed out every minute. That’s 600,000 new Dogecoin every hour, 14.4 million new tokens every day, and close to 5.26 billion new Dogecoin being virtually minted every year.
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In 2021 we also saw the Dogecoin Foundation getting serious with co-founder Billy Markus and Vitalik Buterin getting on the board as advisors and more plans coming up in place for development and bringing the real-world use as a payment token. Musk said that Doge has a much higher transaction volume capability than BTC. Musk pointed to Dogecoin’s lower transaction fees compared to the leading crypto and makes Bitcoin’s use case limited to a store of value but the proponent of the Lightning Network will likely disagree with that.

On the issue of unlimited token supply, Musk noted that there’s some value to having a level of inflation and that it encourages spending. It works better as a system for payments as one currency should:

“[On Bitcoin] If a currency is too deflationary, or I should say, if a currency is expected to increase in value over time there’s a reluctance to spend it.”