On Tuesday (1 November 2022), crypto market commentary show Coin Bureau ralked about why Tesla and SpaceX CEO Elon Musk, who completed his $44 billion buyout of Twitter last week, might want to bring Dogecoin into Twitter.
Dogecoin was initially released on 6 December 2013, as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer. It is “a decentralized, peer-to-peer digital currency” that has as its mascot “Doge”, a Shiba Inu (a Japanese breed of dog). Since then, its popularity has substantially increased, especially in the past couple of years, mostly thanks to support by billionaires Elon Musk (the CEO of Tesla and SpaceX) and Mark Cuban. In fact, in 2019, Musk said that $DOGE might be his favorite cryptocurrency.
As you probably already know, on 27 October 2022, Musk completed his purchase of Twitter:
On Monday (31 October 2022), And yesterday, Musk sent out the clearest hint that he wants $DOGE to become the “official” cryptocurrency of Twitter:
Anyway, according to a report by The Daily Hodl, in a YouTube video released yesterday, the Coin Bureau host said:
“… DOGE’s sheer abundance means it’s much more likely that people would be willing to actually spend it rather than hodl. And, of course, using DOGE, or, indeed, any other crypto for that matter, has many advantages over fiat currencies, too. For one thing, Twitter wouldn’t have to set up dozens and dozens of specific payment gateways across the world in order to use an internet-based currency that is freely available...
“Most exchanges support DOGE and it’s perhaps only second to Bitcoin in terms of recognition. Most people may not know the ins and outs of it… but, chances are, they have, at least, heard of it. Then, there’s also DOGE’s low sticker price, which would mean that many who are new to crypto would feel more comfortable using than they would something like BTC.”