Elon Musk has been heard and published frequently, showing his support for cryptocurrency. According to published articles, he has invested in cryptocurrency tokens such as Bitcoin, Ethereum, and Dogecoin. He is not the only billionaire who has invested in these cryptos since the number of investors continues to grow, showing that people still have faith in cryptocurrency. This is impressive, but it doesn’t compare to Elon Musk’s faith in Dogecoin.
A few months ago, Elon Musk stated that Bitcoin would no longer be a means of payment at his companies. Tesla and Space X had been allowing crypto payments.
The reason given for this was most Bitcoin mining utilises sources of energy harmful to the environment. This led to mining sites in China and parts of the world that utilised coal and fossil fuels being shut down. Considering most of his companies try to reduce carbon emissions globally, this was the right move. About a month ago, Elon Musk announced that Dogecoin would be a means of payment for his companies. It’s about time he did this, given that he has shown his support for Dogecoin publicly and on Twitter. Space X is one of the companies he founded and runs as the CEO. It was also the first company to develop reusable rockets to propel spaceships. NASA, the official space exploration company in the U.S.A, also awarded the company a huge tender. The company choosing Dogecoin as an official way to accept payment will hugely boost the coin’s popularity and worth. The irony with Dogecoin outperforming other cryptocurrency tokens lies in the coin’s background.
Dogecoin started as a joke when many people and organisations were speculating about crypto. Billy Markus and Jackson Palmer developed Dogecoin. They also developed a payment system to make a joke to people, organisations, and the cryptocurrency market. This is why Dogecoin is referred to as the Joke coin or the Meme coin. Elon Musk once said it would be funny if this coin made it big in the market. This was because he termed it to have come out as a joke crypto. To sum up, If Space X adopts Dogecoin finalises, it will hugely impact the coin’s demand in the market. If any investor wants to make money in the future, Dogecoin is the coin to buy and hold.