“Basically, Bitcoin is not a good substitute for the transactional currency,” Musk told Time magazine, which named him Person of the Year 2021, because the volume of transactions with this currency is low and the cost for each is high.
Although his position is critical towards Bitcoin, Musk has been a supporter of cryptocurrencies, as he considers that they have advantages in relation to fiat currencies. “The fiat currency tends to be diluted by whatever government it is. It ends up being a pernicious tax for people, especially those who have cash savings with the dilution of the money supply ”.
On the other hand, the outlook for Dogecoin is supportive. In May he even said that SpaceX will finance a mission to the Moon with this cryptocurrency to launch a satellite in the first quarter of 2022. “It will be the first meme in space,” Muk said about it.
Following the publication of that tweet, SpaceX Vice President of Commercial Sales Tom Ichinero said that this mission “will demonstrate the application of cryptocurrencies beyond Earth orbit.” The objective of this mission will be to obtain “lunar spatial intelligence” from sensors and cameras.