Why Elon Musk Wants To Take Dogecoin, Not Bitcoin, to the Moon
Bitcoin had its big run. Now it’s Dogecoin’s turn.
Bitcoin made some people millionaires and others billionaires. It allowed some people to quit their jobs and never have to worry about money again. For those that missed out, though, finding the next crypto giant is the goal.
That’s why one TikToker believes that Elon Musk has turned against Bitcoin.
Musk announced that Tesla would be suspending Bitcoin transactions for its business and would also not purchase any more of the cryptocurrency. Musk’s reasoning didn’t really add up.
Musk caused further anger inside the Bitcoin community when he implied Tesla would dump its $1.5 billion Bitcoin investment by next quarter. He followed up saying that Tesla had not sold any Bitcoin, but at this point, it wouldn’t be surprising if that was the company’s next course of action.
The initial reasoning Musk provided for his sudden change of heart towards Bitcoin was related to its negative impact on the environment, which was well-documented before Tesla made the investment. While Bitcoin does require a large amount of energy for mining, the majority of it comes from renewable sources.
Just as Musk started to turn against Bitcoin, he moved onto the bigger crypto story of late: Dogecoin.
In recent weeks, Musk asked in a poll if people wanted Tesla to accept Dogecoin for vehicle purchases and later added that he is working with the developers of the coin to improve system transaction efficiency.
TikTok user Heman Pablo, username “@pabloheman,” has amassed an audience of over 300,000 followers while talking about the crypto world. Part of the reason Pablo has gained such a large audience is that he has predicted multiple rises and falls of cryptos like Doge. When he has something to say about cryptos, people listen.
Pablo noted that Tesla was never in Bitcoin for the long haul, saying that Musk had more of a “one night stand” with the cryptocurrency than a long-term love affair. Tesla was simply in it for short-term gains, which is why Musk implied that the company would be out of it by next quarter.
Pablo claims that because Musk missed out on the initial Bitcoin boom, he’s going to get involved in the early stages of another crypto to take it to the moon. His actions lately seem to suggest that will be Dogecoin.
Doge has already had an insane run, increasing almost 19,000% over the past year. It’s still worth less than 50 cents, though, giving investors the idea that it is far off from its potential ceiling.
Elon Musk may be one of those people. His attitude lately seems to suggest that is the case.
While fans of Bitcoin have been upset at Musk’s retreat, the only thing they can do is hold strong and let him do what he wants. Eventually, his tweets won’t sway the market so much, and cryptos as a whole will fly to the moon.
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