Musk Touts Dogecoin Unsuccessfully

On Monday, Tesla ($TSLA@US) CEO Elon Musk was quoted in a TIME interview as saying that Dogecoin has transactional superiority over Bitcoin. This is interesting because Musk is a noted Bitcoin bull, but he does have an affinity for Dogecoin, which he often shares on Twitter ($TWTR@US). As part of the news cycle, Dogecoin co-founder, Billy Markus, tweeted, “I think it’s safe to say the co-founder of PayPal ($PYPL@US) might know a little something about money, so y'know, it may be interesting to take a listen.” As news of the interview broke, investors are watching out for the pace of tapering to be announced by the Federal Open Market Committee this week. Additionally, Bitcoin is falling in spite of massive inflation, which is contrary to what investors expect, especially as Bitcoin has been used as a hedge against inflation. At press time, Bitcoin was trading at just over $47 thousand, falling almost 3% and almost $15 hundred off its 24-hour high.