Updated: Mar 8
That one guy who’s like Ironman from Marvel's Avengers. Rich, powerful, and sarcastic. Nobody knows how much it takes to be the guy he is, to be the richest person in the world, to dream big, to construct a civilization on Mars and to use Twitter like a pro. Twitter is his sweetheart, with whom he wants to spend a prom night. Aside from the jokes, this person is a true inspiration to the majority of the world's youthful minds. His vision may appear odd, yet we must recognise that he typically keeps his words. And, like any other billionaire, he is an investor, putting his money into stocks, start-ups, and cryptocurrencies. Did I mention he's a fan of Dogecoin?
Elon Reeve Musk This 50-year-old is the founder and CEO of SpaceX, the CEO of Tesla Inc., the founder of The Boring Company, and the co-founder of Neuralink and OpenAI. As of January 2022, his net worth is expected to be around 243 billion USD. According to the Bloomberg Billionaires Index and Forbes, he is simply the richest person in the world.
Mr. Musk says he prefers Dogecoin over Bitcoin and isn't a huge admirer of the latter.
Billy, the co-founder of Dogecoin, once tweeted that his goal is to build things, make money, and have fun. Elon said that he is accustomed to the corporate system and does not see any major break away from it. Bitcoin merely empowers the wealthy. That is precisely why he is pro-doge.
And his statements are entirely accurate. Although Bitcoin is described as a decentralised system of a network in which members contribute equally, the system is not decentralised at all. According to National Bureau of Economic Research surveys, the top 10,000 bitcoin holders own five million bitcoins worth 232 billion USD. And these ten thousand holders represent only 1% of the token's entire supply. To be more specific, individuals who own score, or 0.01 percent of all holders, control 27 percent of the total supply.
However, this does not imply that Musk solely owns Dogecoin. We've all heard of this man on Twitter, mostly for his amusing posts regarding various cryptocurrencies, and this has an effect on the pricing of the corresponding tokens. He appears to be the modern-day King Midas, as whatever he touches turns to gold.
In 2021, Musk uploaded a few photographs of his Shiba Inu puppy on Twitter, which caused the price of an altcoin called as Shiba Inu to rise. Following that, he had to clarify that he does not hold any Shiba Inu coins and instead only owns Bitcoin, Ethereum, and Dogecoin.
During "The B-word" conference in July 2021, he verified that he exclusively owns Bitcoin, Ethereum, and Dogecoin.
Later, on October 24, he stated why he prefers dogecoin to his other two holdings, which began as a joke back in 2013.
He also stated that everything began for him when he overheard his employees discussing the token. He claimed that many of the folks he met on Tesla's assembly lines or while developing rockets at SpaceX owned Doge.
They weren't investment bankers or Silicon Valley technologists. That's why he decided to support Doge, which he saw as the cryptocurrency of the people. He continued.
That's exactly how it is. This guy is awesome! Anyway, his support for Dogecoin is nothing new. Since 2019, Musk has been a supporter of the token. He even made a joke about dogecoin being the future reserve currency.
This couldn't be more ironic, right? A money that began as a joke evolved into a real currency. Dogecoin was created ostensibly to mock cryptocurrency, and look where it is now. Fate enjoys irony.
Okay, enough with the philosophical ramblings; let's go back to the saga.
It seems that his tweets in support of Dogecoin aren't going away anytime soon, as he sent out yet another tweet in support of Dogecoin on Tuesday, January 25, 2022. He tweeted that if McDonald's started taking Dogecoin, he'd have the famous 'Happy Meal' on television.
Not only that, but earlier this month he announced that Tesla items would be available for purchase with Dogecoin. As always, hilarious!
However, Dogecoin was trading 7.97 percent higher at 0.139078 USD following his tweet.
According to CoinDesk, its market capitalization was 18.49 billion USD.
But keep in mind that just because Elon Musk is a billionaire doesn't mean his tweets regarding bitcoin are valuable or provide advice. Before investing their money, investors should always conduct research. The SEC issued a similar warning in 2017. "It is never a smart idea to make an investing decision simply because someone prominent believes a product or service is a good investment," they stated.
The SEC’s words must be marked. Their saga isn’t ending anytime soon, so neither your investments.
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