Elon Musk supported Dogecoin despite the court case on the promotion of this cryptocurrency

Tesla’s CEO has once again spoken out in support of Dogecoin. He emphasized that the «meme cryptocurrency» network can process significantly more transactions than the Bitcoin network.

In a conversation with the leading podcast Full Send Podcast, Elon Musk said that DOGE coins are becoming increasingly popular as a means of payment. Dogecoin can be used to buy goods and services not only on the websites of Tesla and SpaceX but also from other large companies. Dogecoin is much better than bitcoin for payments, as transactions are confirmed in 60 seconds instead of 10 minutes," the billionaire described the advantages.

«To be honest, I mainly support DOGE because this cryptocurrency has a meme, the developers have a sense of humor, they do not take the project too seriously. And yet, surprisingly, although DOGE was invented just as a joke, the real bandwidth of the Dogecoin network is much higher than the Bitcoin blockchain,» said the Tesla CEO.

Elon Musk also reminded that Dogecoin’s inflationary model allows for the issuance of 5 billion coins annually, while the number of bitcoins is limited to 21 million.

As a reminder, Tesla has sold most of its bitcoin reserves amid the cryptocurrency market’s decline.