Tesla’s Big Bet on Bitcoin and Elon’s Memes about Dogecoin

February 9, 2021

Elon Musk has been busy of late…talking up cryptocurrencies.

Tesla recently announced a $1.5B buy of Bitcoin.  They will also start accepting Bitcoin as payment for its cars. 

Anyway you slice it, that’s big news for Bitcoin, especially in the social media driven, Meme pervasive environment that we live in. 

Michael Novogratz, the CEO of Galaxy Digital called the buy “a really big deal.”

A little less clear is Elon Musk’s creation of a ‘Dogecoin army’ comprised of himself, Snoop Dogg and Gene Simmons, the former Kiss guitarist. 

What the hell is Dogecoin anyway?
It’s a cryptocurrency invented in 2013 by a couple of software engineers as a joke which features the face of the Shiba Inu dog from the Doge meme as its logo and name.

Mark Cuban doesn’t think it has any intrinsic value but bought a few dollars’ worth for his son.  Dogecoin is now trading around $.08 up from less than a penny and sports around a $10B valuation.  Hmm, that’s funny.

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