Dogecoin Vs Bitcoin!
Video Notes:
Elon Musk is tanking bitcoin and hyping up dogecoin. Is a crypto crash coming?!?! Elon Musk just announced that Tesla will stop accepting bitcoin for car purchases because it’s, according to him, bad for the environment. Moments after the announcement, Bitcoin dropped more than 17% to a level as low as $46,980.02. This is exactly one day after he playfully asks on Twitter, “do you want Tesla to accept Doge?” This tweet, combined with Musk’s SpaceX news of a dogecoin-funded moon mission, saved dogecoin from its cliff dive sell-off over the weekend, which, by the way, was also cause by Elon Musk and his SNL appearance. Sports & pop culture blogger David Portnoy just called out Elon Musk for trying to be the Wizard of Oz of Crypto. In what he called an emergency press conference, Portnoy criticized TESLA and SpaceX founder Elon Musk for manipulating the cryptocurrency markets. He said, “the same guy’s been pulling the levers like he’s the Wizard of Oz on crypto and everyone[‘s] following his every move — he’s sending Dogecoin up, he’s sending Bitcoin down. This is [bleep].” Of course, he’s talking about Musk’s recent crypto moves. Musk just declared that Tesla will no longer accept bitcoin for car purchases because of environmental reasons. This is one day right after he polled his 54.2M Twitter followers, “do you want Tesla to accept Doge?” Bitcoin is currently the ninth most valuable asset in the world and now requires nearly as much energy as the entire country of Argentina. Musk said they’re now looking at other cryptocurrencies. Elon Musk “had Bitcoin on Tesla’s spreadsheet so Tesla can show profit at the end of the quarter because they aren’t selling cars.” Tesla bought $1.5 billion worth of “digital assets,” then sold $272 million worth. According to a financial filing from Tesla on April 26, profits from bitcoin sales specifically allowed the company to notch a $101 million “positive impact” toward profitability. Portnoy and Musk exchanged tweets about this last month. Portnoy said Musk “pumps” BTC and then “dumps it and make[s] a fortune.” Musk counter-argued that Tesla did this “essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.” Dogecoin is inflationary, meaning “more doge is printed every minute of every day, giving doge a potentially infinite supply.” That limitless supply can negatively impact value over time. Bitcoin, on the other hand, has a finite supply of 21 million, which creates a “built-in scarcity ... much like how gold or diamonds are valuable because they are scarce.” Another key difference is their funding. Bitcoin has an extensive and well-funded ecosystem that dogecoin doesn’t. Bitcoin’s been around for 12 years and has this well-thought-out, well-distributed store of value. Dogecoin literally has two guys that own 30% of the entire supply. To be fair, though, dogecoin is a hustle, but more importantly, it could be the people’s hustle. That’s where our talk about Elon Musk comes in. Portnoy expressed his frustration over Musk’s fickleness over crypto. “Elon you have a responsibility when one second you say to buy something and the next second you don’t. That’s playing with people’s futures, their fortunes.” So the question now is, is it too Musk power for one man to control the crypto markets with his tweets? Dogecoin has rallied back up to almost 60 cents last I checked thanks to his tweets and announcements about it. At the same time, it was mainly because of him and his weekend SNL appearance that dogecoin crashed so badly in the first place. I’m just scared that doge has become far too reliant on him for “cultural oxygen.” Because, what happens if he decides to drop dogecoin? I’m not encouraging you, guys, one way or another here. Honestly, I’m just offering some food for thought about all this in the hope that I can help give a holistic perspective of the situation. As I always say, invest in it, be it dogecoin or Bitcoin, if you believe in it. At the same time, like Elon Musk himself said, invest with caution. Let’s not go overboard and bet your life savings, or your kid’s college fund on just one seemingly lucky race horse. Diversify and invest in crypto only the money you can afford to not touch for a long while. Remember, always keep those financial eggs in different baskets. Are you, guys, interested in more crypto videos and how-tos? Or maybe stock tips and other investments? Anybody want more info on side hustles? Let me know what you’re interested in so we can work out our channel content together. Dogecoin vs Bitcoin 2021 - Elon Musk Thoughts! [CRYPTO NEWS UPDATE] Have you ever asked yourself how to get rich or how to rich make money fast? Learn these 5 easy millionaire habits and financial education lessons that make money and change your life and achieve financial success. Mindset is a critical factor in making more money, and increasing your income. #cryptoupdate #dogecoinnews #bitcoinnews