Why is Elon supporting Dogecoin?

Elon Musk has always backed Dogecoin , a cryptocurrency based on memes, in which he holds investments, besides in Bitcoin and Ether.

Tesla, the electric carmaker headed by billionaire Elon Musk, has started to allow people to buy brand merchandise using Dogecoin, a cryptocurrency initially started as a joke. Mr Musk announced the development on Twitter on Friday, a month after hinting of the plans.

Elon Musk reveals reasons behind support for Dogecoin “Fundamentally, Bitcoin is not a good substitute for transactional currency,” Musk said. “Even though it was created as a silly joke, Dogecoin is better suited for transactions . The transaction volume of Bitcoin is low, and the cost per transaction is high.”