The billionaire and Tesla’s founder, Elon Musk, reveals his take on cryptocurrencies. He says that his favourite crypto is not bitcoin, but dogecoin.
Elon Musk chose dogecoin
The SpaceX founder Musk shows greater interest in cryptocurrencies and blockchain. About a month ago, he stated that bitcoin is brilliant and better than fiat money in many areas. Especially when it comes to transferring value, fiat currencies are no match for cryptos.
Even though he called bitcoin fascinating and quite brilliant, it is not his
Nevertheless, the timing could not have been better since dogecoin soared after the Musks announcement. The crypto soared over 30 per cent on the news while the rest of the crypto market turned green as well. The mysterious pump could have happened because someone initiated an order of $100 million across the three biggest exchanges at the same time.
Elon Musk think cryptocurrencies are brilliant
Moreover, the cryptocurrency community has tried to get Elon Musks attention for quite a while. It seems as though Dogecoin manage to lure him into their community. Interestingly, Elon tweeted about bitcoin a few months back, and Twitter looked him out from his account. They thought that someone hacked his account.
Nevertheless, when looking back at previous happenings, Elon was in contact with dogecoin’s creator about seven months ago. He urged the team to help him fight against Twitter scam bots. It could be, that the relationship has grown and brought the two parts closer.
While the crypto market gained some momentum, Dogecoin (DOGE) ranks the 24rd biggest cryptocurrency by market capitalisation. The coin is a decentralised cryptocurrency based on the popular “Doge” internet meme and featuring a Shiba Inu on its logo. It is a fork from Lightcoin, and its community uses the coin primarily as a tipping system on Reddit and Twitter to reward content creators. While the crypto is part of the top 30, we will see if dogecoin will become one of the top coins in the future. If Elon Musk sets his sail for the coin, they might have a fighting chance.
Have in mind that Elon Musk might be joking.
Dennis Sahlström has been trading and investing since 2012 and has for the last two years been consistently profitable. He has been in the crypto- and blockchain space since the middle of 2017 and realized its potential for our world, not least how it is transforming the society we live in. He has now created an education platform, together with the wealth coach Marcus the Maria. They teach regular people how to invest and trade in the cryptocurrency market with proven strategies. If you want to learn more and feel like its time to get into this new asset class, download our free book and register to the next live training to get your future in cryptocurrencies started.