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Elon Isn't Joking About Dogecoin
Elon Musk has been posting Dogecoin memes for over a year.
Like everyone else, I thought they were funny, and that was that.
I didn’t think there was any hidden meaning.
What is Elon up to?
It's no secret: Elon loves Dogecoin.
He has called Doge "my fav cryptocurrency", "pretty cool", "underestimated", "the people's crypto", and "the most fun crypto."
But are these just words, or is he actually serious?
Well, he's told us he's serious.
When I posted on Twitter last week that Elon's "jokes aren't just jokes", "he wants Dogecoin to succeed", and that he "legitimately sees Dogecoin's potential as being the leading currency of the internet", Elon replied and affirmed: "Absolutely."
Does it get anymore clear than that?
Folks assume that Elon isn't serious about Dogecoin because Tesla recently bought Bitcoin to add to their balance sheet.
But Elon barked back against that assumption, claiming that "Tesla’s action is not directly reflective of my opinion."
Elon went on to criticize Bitcoin, calling it "almost as bs as fiat money", "ancient crypto", and "arguably deflationary to a fault."
These are harsh words coming from a renowned engineer with previous digital payments experience.
Elon has made it clear: He didn't buy Bitcoin, Tesla did.
In fact, Elon bought Dogecoin for his son to hodl.
Actions speak louder than words
Doge is no longer a stray to the Musk family.
Elon has let Dogecoin into his home.
He even set up Dogecoin mining rigs with his kids.
Elon has donated Dogecoin to charity.
These actions represent the practical, personal, and serious application of a financial technology that has the chance to revolutionize the world.
Elon has clarified that he is "not an investor."
If he wants Dogecoin to succeed, it's not because he wants to profit from it.
It's because he loves a good joke and genuinely sees Dogecoin as a practical contender to becoming the leading currency of the internet.
A very practical joke
Although created as a joke, Dogecoin is a legitimate cryptocurrency.
The technology is sound.
Perhaps Elon recognizes that Dogecoin is a fun and trendy solution to Bitcoin's inadequacies.
The truth is that Bitcoin falters as a currency.
At some point over the last year, Bitcoin went from being the currency of the future to primarily a store of value.
This rebrand looks good on paper, and it's made a lot of folks rich, but it strips Bitcoin of its intrinsic value.
Dogecoin, on the other hand, is designed to be spent.
It's cheap, there's plenty of it, and it inflates at a reduced rate each year, encouraging spending and discouraging hoarding.
Dogecoin puts the "cash" in "peer-to-peer electronic cash system."
It works best as a currency, and the internet needs a currency.
There's a grain of truth in every joke
Elon posted a meme last year about how Dogecoin's toppling of the global financial system was "inevitable".
He doubled down on this joke in a Clubhouse discussion on January 31st, saying that we may see Dogecoin's rise because "fate loves irony" and "the most entertaining outcome is the most likely."
Everyone loves a good joke, and Elon is no exception.
In fact, he has a habit of seeing jokes through to their logical conclusion.
He named one of his companies "The Boring Company."
He commercialized "S3xy short shorts" to mock hedge funds.
He's sold a range of gag-products like "Not a Flamethrower" and "Teslaquila."
He's released meme music, debuting a Harambe tribute song on his record label "Emo G Records".
Elon even named his son X Æ A-12.
He's joking, but he's not.
The fulfillment of the joke is the ultimate punchline.
Dogecoin would be Elon's greatest comedy act yet: Memeing an ironic dog-themed cryptocurrency to becoming the digital monetary standard, establishing himself as a master of memes and a paragon of influence.
Elon has massive incentive for Dogecoin to succeed.
He would be responsible for orchestrating Dogecoin's rise to the forefront of digital civilization, which would be the greatest meme of all time.
Being linked in this way with money is invaluable.
It provides influence, power, and philanthropic authority.
Elon is setting the stage for the seemingly impossible, puppeteering a parody worthy of the global theatre.
Dogecoin's divine comedy
With Elon's words and actions aligned in the direction of Dogecoin's success, Dogecoin's best punchline may be yet to come.
Dogecoin's metamorphosis from being the alt-coin laughingstock of the world to becoming a formidable rival to top cryptocurrencies would establish its place in comedy legend lore.
The Dogecoin Show is still reaching its crescendo, and its main character may have the last laugh after all.
If it's true that fate loves irony and the most entertaining outcome is the most likely, then the future is looking much wow for Elon Musk and Dogecoin hodlers worldwide.
Elon isn't joking.
Well, he is, but that's the point.
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Meme of the week
Disclaimer: This is not financial advice and I am not a financial advisor. The article above references an opinion for entertainment purposes only and it is not investment advice. Do your own research and consult with a licensed financial adviser before making any investment decision. Do not treat any opinion expressed in this newsletter as a specific inducement to make a particular investment. Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or cryptocurrency or to engage in any particular investment strategy. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results. All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, cryptocurrency, or financial product does not guarantee future results or returns. Dogecoin is a speculative and highly volatile asset susceptible to pump-and-dump schemes.
Disclosure: I currently own some Dogecoin and Bitcoin. At the time of posting, Dogecoin is around $0.054 per coin.