Elon Musk: The “One Coin to Rule Them All” is Not Bitcoin
Elon Musk continues to make headlines, and this time he tweeted that he “bought some Dogecoin for lil X, so he can be a toddler hodler.”
Doge continues to receive love from Musk, who time and again sends its price flying, currently trading at $0.072.
“The most ironic outcome would be Dogecoin becomes the currency of Earth in the future,” Musk said earlier this month.
Frodo was the underdoge,
All thought he would fail,
Himself most of all. pic.twitter.com/zGxJFDzzrM
— Elon Musk (@elonmusk) February 11, 2021
Interestingly, sometime ago, Dogecoin decided to support merged mining with Litecoin and other Scrypt based coins, which allow users to mine DOGE and other coins at the same time. While the hash rate for DOGE is in line with LTC, the former remains less labor-intensive for the time being.
Now, the profitability of mining DOGE has matched LTC, which Denis Vinokourov of Bequant says “could herald the new era of flippening.”
Besides sending love towards DOGE, Musk also shared an important message saying, “Any crypto wallet that won’t give you your private keys should be avoided at all costs.”
This advice came in regards to the FreeWallet app sharing DOGE’s wild rally, which prompted Musk to impart the most important thing about owning your crypto holdings, “not your keys, not your coins.”
Earlier this week, Musks’ Tesla announced that it had purchased $1.5 billion worth of Bitcoin, which sent the digital currency’s prices to new highs. Now the market is excited to know which company would be the next to follow in Tesla’s footsteps.
“These are just the early innings of corporate adoption, as digital currencies are beginning to play a larger role in robust balance sheet management.”
Senator Cynthia Lummis also took this move by Tesla, which has already been made by MicroStrategy and Square months back, as an opportunity to point out that people and companies are shifting to digital currencies because of the debasement of fiat currency, for which Congress’ lack of fiscal discipline is largely responsible. She said,
“Congress’ debt addiction is decimating savers return on their hard-earned dollar. The potential to address that, if Congress fails to address its own debt-fueled spending addiction, is the most compelling reason to follow digital assets extremely closely.”
For Bitcoin, what works in its favor is its finite supply that creates a meaningful store of value and the decentralized network that constantly confirms and secures the publicly available ledger.
Most importantly, she said, it “is the potential for savers to be rewarded with an appreciating (or at least stable) asset.”