- Elon Musk, Tesla CEO, is a massive backer of Dogecoin. He stated on 13 May that cryptocurrency token Dogecoin has massive potential as a fiat currency.
- Apart from being a “meme coin” and “joke,” Dogecoin was made for P2P virtual currency which may attain a broader range.
- Elon Musk also mentioned during an interview with Times Magazine that DOGE is more fitting for financial transactions.
DOGE To Be Utilized As Fiat?
Elon Musk, SpaceX founder, Tesla CEO and Billionaire is a massive advocate of the memecoin Dogecoin. On 13 May, he stated in a tweet that, cryptocurrency token DOGE has a mammoth potential to function as a fiat currency, in response to the tweet posted by co-founder of Dogecoin Billy Markus, which stated that the cause he like dogecoin is due to it knows it is stupid.
Dogecoin, which marked its entry as a memecoin, has witnessed a surge in its value on numerous occasions since its initiation, with Elon Musk as its core vocal supporter. A self-proclaimed Dogefather, Tesla CEO has promoted the meme crypto coin on multiple occasions over the previous year, causing an escalation in value.
When it was revealed back in April this year that Elon Musk has made an investment in Twitter and has taken command over 9.2% of its stocks, Doge soared by 20%. Later when it was unveiled that Elon Musk would acquire Twitter for $44 Billion, a follow-up DOGE pump happened.
A similar DOGE spike happened during December 2021 and January 2022, when Musk posted a tweet stating that Tesla will make a few more merchs acquirable with the meme currency and see how it goes, and eventually confirmed it.
A P2P Digital Currency
Apart from being a meme coin and a “joke,” Dogecoin was made as a Peer to Peer virtual currency which could reach a broader range of folks than Bitcoin. And Elon Musk, a Bitcoin proponent and other meme tokens like Shiba Inu, witness the Dogecoin as having that kind of potential. He formerly stated in an interview, that “fate loves irony.
Elon Musk also mentioned during an interview with Time Magazine that Dogecoin fits the bill for monetary transactions than Bitcoin as the cost per transaction is lesser and the amount of transactions per second is more.
Source: https://www.thecoinrepublic.com/2022/05/19/elon-musk-upholds-dogecoin-as-potential-fiat-currency/