Dogecoin suddenly appeared all over headlines following comments on it by Elon Musk. Musk is one of the mythical figures of the crypto world and all his opinions are very highly regarded in the community. It does not come as a surprise that the Dogecoin rally began immediately after Musk said Dogecoin is superior to Bitcoin for transactions. However, he did not downplay Bitcoin either. According to him, Bitcoin makes more sense as an investment instrument but falls short when it comes to real-world transactions. Adding to this, Tesla declared that they would be accepting payments in Dogecoin for those who buy Tesla merch. Immediately afterward, the price of Dogecoin began to shoot up.
Despite the overall impression that Musk is moving away from Bitcoin, it is anything but true. Tesla still holds $1.5 billion in Bitcoin. However, the company dropped its plans of accepting payments in Bitcoin earlier this year. They cited reasons of environmental concern behind this dropping Bitcoin payment options for Tesla products.
Elon Musk has recently declared Time Magazine’s Person of the Year for 2021. He gave his opinions on cryptocurrency, Bitcoin, Dogecoin, and much more in an interview with Time. The rise of Dogecoin is indicative of both the merits and dangers of cryptocurrency. What was created as a joke is now the subject of conversation in the world’s wealthiest circles. It shows that the crypto world is open to innovations and also warns us of the dangers of misusing this freedom.
