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This is Why Elon is Person of the Year
Last week began with Elon Musk winning Time Magazine’s Person of the Year award and using his platform to explain the merits of Doge as a transactional currency.
The next day, he announced that Tesla would be Dogecoin for merchandise purchases.
Let’s take a look at how Elon’s companies are experimenting with Doge, and what it could mean for the future of money.
Doge for Tesla merch
Tesla will accept Dogecoin for merchandise!
Dogecoin integration could set off a chain reaction of other publicly traded companies following in Tesla's footsteps. It could also lead to Tesla accepting Doge for vehicles.
Since Doge hit the mainstream at the beginning of 2021, the DogeArmy has been looking for an opportunity to prove itself as a loyal customer base.
Now, it will get a chance to demonstrate Proof of Wow on the world stage.
Person of the year
In an interview with Time, Elon said his main goals are to become a space-fairing civilization and accelerate the transition to sustainable energy—Mars and Cars.
After a strong 2021, Tesla and SpaceX should be able to take more risks in the coming year.
In combination with Full Self-Driving technology (which will also power the Tesla Bot), it could change civilian travel forever.
SpaceX will also start a program to extract CO2 from the atmosphere and turn it into rocket fuel.
Both companies experimented with crypto in 2021.
At the start of the year, Tesla bought $1.5 billion dollars of Bitcoin to hold as a reserve asset.
In May, SpaceX announced it would accept payment in Dogecoin from satellite-maker Geometric Energy Corporation. Dogecoin will be the "unit of account for all lunar business" between the two companies.
Elon told Time that Dogecoin and Bitcoin serve different purposes, with Doge acting as a transactional currency and Bitcoin as a store of value.
If Tesla and SpaceX are successful, their experiments with crypto will provide a roadmap for other institutions to copy.
Mars, Cars, and Dogecoin
Increasingly, Dogecoin looks like it's part of Elon's plans at both Tesla and SpaceX.
When it opens up Doge for merch purchases, Tesla will become the largest company ever to #AcceptDoge.
SpaceX is months away from launching the Doge-1 satellite and could soon be putting a literal Doge meme on the moon.
The Person of the Year is devoting his full energies to Mars, Cars and Dogecoin. The future is Wow!
Dogey Treats: News Bites
ARK's Cathie Wood put out a report arguing the global economy is "undergoing the largest technological transformation in history" driven by blockchain, AI, energy storage, DNA sequencing, and robotics. Elon said the report was "Interesting."
Robinhood announced crypto gifting starting December 22nd. COO Christine Brown said, she didn't have "any predictions quite yet if there's going to be a fan favorite."
The Federal Reserve has stopped referring to inflation as "transitory." Jack Dorsey took note. Fed Chairman Powell also said he did not see cryptocurrencies as a concern for overall financial stability.
Foreign Policy published an article arguing that the 21st century belongs not to any nation state but constituents of the blockchain-based Internet.
The NY Times published an op-ed tracking seismic changes to money in last year.
Grimes revealed that Elon cut his own hair for Time's POY cover.
Digital artist Beeple gave Joe Rogan a Dogecoin NFT called "Gigachad."
The first-ever NFT was minted on the Dogecoin blockchain.
Michael Jordan is launching a Web3 platform on Solana called HEIR with his son.
Nancy Pelosi said she doesn't support a ban on politicians trading individual stocks because "we are a free market economy."
Anchorage Capital Group, a $7.4 billion dollar hedge fund which bet heavily against AMC, is closing.
A US Senate candidate from Ohio said Bitcoin can restore power to the people.
South Park did a riff on NFTs.
Memes of the week
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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. 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 $0.17 per coin.