Tesla Chief Executive Elon Musk has said he believes that Bitcoin is not a good substitute for transactional currency due to its low transaction volume and high transaction costs. Speaking to Time magazine after being named Time’s 2021 Person of the Year on Monday, billionaire Musk instead touted Dogecoin, created by software engineers Billy Markus and Jackson Palmer, as a safer bet for transactions. “The transaction value of Bitcoin is low and the cost per transaction is high. At least at its base level, it’s suitable for a store of value. But 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 total transaction flow that you can do with Dogecoin—transactions per day—has much higher potential than Bitcoin. It is slightly inflationary, but that inflationary number is a fixed number as opposed to a percentage. So that means …