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This Is Why Dogecoin Is The Future
This week, Elon appeared on the popular Full Send podcast, where he extolled the virtues of Dogecoin to the youth.
Days later, at Tesla’s annual shareholder meeting, he revealed that his vision for the financial services website X.com is still alive. Is Dogecoin part of the plan?
Let’s take a look at why Dogecoin could be bigger than anyone imagines.
Full Send Doge
Elon appeared on the Full Send podcast last week and talked up the virtues of Dogecoin.
Full Send is hosted by the Nelk Boys, an entertainment group known for its irreverent humor.
On the pod, he was asked what he thought about the future of crypto.
Elon responded, "I'm mainly supporting Doge."
He explained that Doge is better as a currency than Bitcoin because its blockchain can handle more transactions and its yearly issuance encourages spending.
He also highlighted its utility as money with Tesla, SpaceX, and The Boring Company.
Full Send posted the clip to their TikTok, where it racked up over 420k views.
His latest appearance should help get word the word out about Doge to NELK's massive following.
Solve for X
At Tesla's annual shareholder meeting, Elon said he still hopes to fulfill his grand vision of X.com.
He founded X in 1999 as one of the world's first online banks.
X's original goal was to bring all financial services under one roof: users would be able access checking, savings, brokerage services, and insurance from a single website.
In 2000, X merged with Peter Thiel's Confinity to form PayPal, which narrowed its focus to digital transactions. In 2002, eBay bought PayPal and Elon walked away with a cool $100 million.
One of the hurdles faced by X and PayPal was that they were stuck using fiat currencies, subject to regulation by state and federal bureaucracies.
In 2019, PayPal's cofounder Luke Nosek told an interviewer, "Many people don't know this but the mission of PayPal was to create a global currency that was independent of interference by these corrupt cartels of banks and governments that were debasing their currencies. And we succeeded building something economically very powerful, enabled many small businesses, we're super proud of it, but we never achieved the mission."
During Tesla's shareholder meeting, Elon said his ambitions for X were still alive, and offered two broad paths for realizing them.
One is to start his own platform from scratch.
The other is to complete the purchase of Twitter and make it "radically better," including building out its financial services.
The advantage of using Twitter, he said, is that it "would help accelerate [the process] by three to five years," adding, "I think it's something that will be very useful to the world."
In the two decades since the launch of PayPal, a lot has changed.
E-commerce has gone from exotic to mundane. The fear factor of using the web to transact has disappeared.
Pretty much everyone banks online too. Brick-and-mortar banks' days are numbered.
Most unexpectedly, the idea of stateless digital currency has caught fire. Crypto would've been unthinkable to most people in 2000, and yet today, many of the world's biggest financial institutions are entering the fray.
The advent of crypto—thanks to a mysterious pseudonymous creator who shares many commonalities with Elon—has made the X.com vision closer than ever.
Send it to the moon
Dogecoin's cameo on Full Send hints at the possibility for a meme-money youth movement to overturn the financial status quo.
The news that Elon is intent on reviving the vision for X.com confirms what many suspected: Doge is the missing puzzle piece to fully digitize commerce.
Will Elon use Twitter and Dogecoin as the foundation for a financial super-app?
If he does, Doge could be bigger than anyone imagines.
Dogey Treats: News Bites
Elon's fraud countersuit agains Twitter was made public on Friday. In a tweet, he said his acquisition should go forward if Twitter provides their method for determining fake accounts, and challenged Twitter CEO Parag Agrawal to a public debate about bots.
Elon said he thought we have moved beyond peak inflation, but expected a mild recession for 18 months unless a big event triggered a larger downturn, such as China's teetering real estate market. He reiterated his belief that the supposed overpopulation crisis is nonsense and people should have more children. He also posted another Saxon meme.
At Tesla's shareholder meeting, Elon said "Tesla will continue to do very well even if I was kidnapped by aliens or went back to my home planet." Tesla shareholders approved a 3-to-1 stock split, which will take place on August 25th.
GameStop chairman Ryan Cohen tweeted, "Ask not what your company can do for you – ask what you can do for your company." GameStop's Ape community has been calling attention to difficulties some brokerages have had locating shares after the company's split/dividend last month. On Monday morning, trading of GameStop and AMC were halted due to volatility as meme stocks ran higher.
AMC CEO Adam Aron announced a "preferred stop dividend" for AMC shareholders, who will receive AMC Preferred Equity Units later this month. The dividends will trade as $APE and are expected to function like a stock split.
Blackrock, the world's largest asset manager, is partnering with Coinbase to offer crypto services to institutional customers.
Robinhood CEO Vlad Tenev shot down speculation that his company was likely to be acquired by crypto giant FTX.
Mark Cuban compared Dogecoin favorably with Cardano during an interview with Altcoin Daily.
The SEC is investigating all US crypto exchanges, as well as Binance.
Due to rising tensions in the wake of Congresswoman Pelosi's visit to Taiwan, China halted military and climate ties with US. Jack Dorsey tweeted, "End the CCP" in response to a clip about the CCP's surveillance program through cell phone apps.
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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. Always assume that the author of the article is actively trading and that the opinions expressed may be biased towards the author’s holdings. 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.
At the time of publication, Dogecoin is around $0.069 per coin.