Tech billionaire Elon Musk on Thursday claimed he would put cryptocurrency Dogecoin on the moon in near future. While many people doubted the sincerity of the post because of the timing, which came exactly on April Fool’s Day, some suggested that Musk could be telling the truth, provided his newly found appreciation for digital currency and his long-standing love for space. Musk, who is the CEO of SpaceX, is known for sending bizarre things to space, which includes a cheese wheel and a Tesla car.
SpaceX is going to put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) April 1, 2021
Here are some reactions to Musk’s post:
$DOGE to the moon! Told you! LETS GO! 🚀
— David Gokhshtein (@davidgokhshtein) April 1, 2021
In February, Musk sent the prices of Dogecoin soaring after he posted a picture of the Shiba Inu dog clad in a spacesuit, a meme that inspired the cryptocurrency, standing on the lunar surface holding a flag with text emblazoned on the picture, saying ‘wow’.
In February, electric carmaker Tesla Inc announced that it had purchased Bitcoin worth $1.5 billion and will soon begin accepting the cryptocurrency as a form of payment for its products. Last month, Musk announced that Tesla customers can now purchase products with Bitcoin, marking a historic moment for the automotive industry and also for digital assets. Musk’s increased support for cryptocurrencies such as Bitcoin and Dogecoin is also mirrored in his tweets, which often spikes the prices of their stocks.
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
In February, a tweet from Musk boosted Bitcoin’s market value after he opined how investing in cryptocurrency is not a bad idea. Musk particularly mentioned Dogecoin in his tweet, a cryptocurrency that started as a joke in 2013 and currently values at $6.3 billion. The post increased Dogecoin’s stock market value by almost 50% as it rose by three cents. In January, when Musk changed his Twitter biography to just ‘#bitcoin’, the stocks of the cryptocurrency jumped as much as 20 percent.
Surge in Bitcoin’s popularity
The surge in bitcoin’s popularity is also attributed to its success in the stock market, which has skyrocketed in recent years. In early February, bitcoin was trading at around Rs. 27,00,000 per coin, while as of April 2 it values at nearly Rs. 43,54,273 per coin. Several economists criticise bitcoin over its vulnerabilities, such as rapid fall in value, cyber hack, abuse by criminal organisations, etc. But, despite all the shortcomings, bitcoin’s global acceptance is growing and it holds the potential of becoming the next big thing.
(Image Credit: Twitter/ElonMusk)
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