Due to his tweets regarding the cryptocurrency, especially Bitcoin and Dogecoin, a chain of events has started where Bitcoin has seen a consistent fall, whereas Dogecoin has also failed to break even to $1; in fact, it has taken a reverse approach and now lurks even below $0.30. Things have not been turning out great for either Elon Musk or the crypto market, but there is someone else headed his way, which is the battle between government-backed fiat currency and protocol-based cryptocurrencies.
Although Musk has been helping the meme cryptocurrency to soar high in terms of price for some weeks now and it has not panned out the way he wanted to. So, instead of backing down and selling his stash of Dogecoin, Musk seems to be adamant on the fact that he will not chip in and continue to fight for cryptocurrency.
Elon Musk Supports Cryptocurrency on Paper and by Heart
He has tweeted about how he feels about this series of changes, and he thinks that the true battle is between fiat and crypto and that he favors the latter. The dedication of Elon Musk couldn’t be clearer with Dogecoin as his company SpaceX is to commence a mission where he plans to send a real dogecoin out there onto the moon. This news only sent the price of Bitcoin and the rest of the cryptocurrencies on a high streak, but then again, Musk’s tweets have settled a large cloud of terror and uncertainty onto the crypto market.
When someone on Twitter hinted at Musk’s amazing stash of Dogecoin, he tweeted back that he hasn’t and doesn’t plan on selling his stash of Dogecoin. The real reason behind Elon Musk chartering a lunar mission around Dogecoin is to develop the value of the cryptocurrency for a new domain of commerce that is interplanetary, and it will further help in the adoption of cryptocurrencies in general. For sure, no one can say if Musk’s plan pans out as the last one on SNL (Saturday Night Live) to introduce Dogecoin to the rest of the world didn’t make much of a difference.