Dogecoin Is MoneyElon Musk Shares Bullish Doge Theory Amid $ 200 Billion Bitcoin and Crypto Price Rally

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Bitcoin and cryptocurrencies surged this week after two tech giants signaled their support for crypto (subscribe now to Forbes CryptoAsset & Blockchain Advisor and check out crypto blockbusters set to earn 1000%).

The price of bitcoin has risen nearly 10% over the past week, helped by a much-anticipated bitcoin and crypto live chat between Tesla billionaire Elon Musk and Twitter’s Jack Dorsey with the dogecoin based on the meme and the second largest cryptocurrency ethereum arguably the surprise of the winners event.

Now, as the price of dogecoin approaches 20 cents per doge token after dropping below the psychological level earlier this month, Musk has shared a dogecoin theory that proclaims that memecoin is not a speculative asset but rather “dogecoin is money”.

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MORE FORBES Crypto price surge: Surprise Giant tech support suddenly sends Bitcoin, Ethereum, BNB, XRP and Dogecoin significantly higherBy Billy Bambrough

Tesla CEO Elon Musk has adopted dogecoin as his favorite project in recent months, helping its price to … [+] skyrocket, but remains favorable to bitcoin.

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“I’m trying to tell you dogecoin is money,” the meme read, shared by Musk on Twitter; a twist on a popular quote from the movie The Matrix that asks if dogecoin could make someone “a lot of money”.

Musk’s tweet briefly sent the price of dogecoin over 20 cents per doge token on the popular US cryptocurrency exchange Coinbase, which added dogecoin support last month, but it quickly fell back, trading in line with today’s more or less flat bitcoin and cryptocurrency market.

After climbing to over 70 cents in May, in a rally fueled by Musk and influencers, the price of dogecoin has slumped almost 75%. However, dogecoin is still up 6,000% from the same period last year due to speculators accumulating in the cryptocurrency based on the dog Shiba Inu.

This week, speaking at the Crypto Council for Innovation’s Word event, Musk developed ideas that had already been put forward to upgrade dogecoin through Ethereum at “maximum transaction rates and lower transaction costs.” .

“There may be some interest in combining something like ethereum and dogecoin,” Musk said, revealing that he owned ethereum tokens in addition to his bitcoin and dogecoin.

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MORE FROM FORBESCrypto Price Prediction: Bitcoin ‘To Surpass’ The Dollar By 2050 And Soar To $ 66,000 By End Of 2021 By Billy Bambrough

The price of dogecoin has fallen over the past month, finding a bottom this week thanks to support from … [+] Tesla billionaire Elon Musk and rallies 20 cents per dogecoin token.

Coinbase

“Bitcoin on its own simply cannot evolve into the world’s monetary system at the base layer level,” Musk said, saying bitcoin “will struggle to become peer-to-money. -peer “without adopting a second-layer network.

“There is merit in considering something that has a higher maximum transaction rate and lower transaction cost and seeing how far you can go with a single layer network with exchanges acting as a second layer. de facto, ”Musk said. “I think you could go a step further than people think and as the bandwidth increases over time the latency decreases.”

A long-time dogecoin supporter, Musk this year fully embraced the somewhat satirical cryptocurrency that premiered in 2013 as a “joke,” calling for upgrades and promising that his rocket company SpaceX will put a “literal dogecoin on the literal moon”. “

During this week’s online chat between Musk, Twitter’s Jack Dorsey and Ark Invest’s Cathie Wood, it was also revealed that SpaceX had joined Tesla in holding bitcoin, although Musk did not say how much.

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