Why you should Own Elon musk cryptocurrency Portfolio
What is Elon musk’s cryptocurrency?
The 50-year-old entrepreneur Tesla CEO Elon Musk confirmed publicly during a conference that he owns a few cryptocurrencies, such as Bitcoin, Ethereum, and Dogecoin, Back in July 2021. He explain the reason behind his decision to support Dogecoin after repeatedly mentioning in the past that he collaborated with its developers.
He said that he talked to on the production lines at Tesla or building rockets at SpaceX’s own Dogecoin. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Dogecoin. He said that he felt that Dogecoin is people’s crypto. Musk thinks that Dogecoin could actually become a reserve currency in the future.
Musk says that due to the impact of high inflation on various asset classes, cryptos are a good investment and that he will not sell any of his cryptocurrency holdings. it is generally better to own physical things like a home or stock in companies you think make good products than dollars when inflation is high. The CEO of Tesla and SpaceX has publicly shared before that he owns Ethereum, Dogecoin, and Bitcoin. The Tesla enterprise is the second largest non-crypto-exchange corporate owner of Bitcoin in the world with 38,300 Bitcoin on its balance sheet after MicroStrategy, which is nearly 2$ billion in worth. The electric vehicle giant says he uses cryptocurrency as a hedge against rising inflation, a claim that some experts noted was undermined by the recent crash in the value of cryptocurrencies.
Elon Musk Own Cryptocurrency Dogecoin
Dogecoin, Bitcoin, and Ether spiked up a time to time on Tesla CEO Elon Musk’s tweet. He stated some time back that he still owns the cryptocurrencies and won’t sell. Bitcoin is the world’s largest cryptocurrency. However, Musk favors the introduction of Dogecoin as a transactional currency over the more popular Bitcoin.
He states that Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is a better option for transactions. The transaction volume of Bitcoin is low, and the cost per transaction is high. At least at a space level, it is suitable as a store of value. The total transaction flow that you do with Dogecoin in transactions per day has a much higher potential than Bitcoin.” Telsa began accepting bitcoin in February 2021 and Dogecoin is currently the only digital currency Tesla accepts.
It’s not the only digital coin to receive attention from the billionaire, who has a passionate online following. Last year, Bitcoin prices jumped after Tesla said it had invested in the currency and would allow customers to buy cars with it. But the company later scrapped that idea. Mr. Musk, who also counts Bitcoin among his crypto investments, cited concerns about how much energy it takes to produce the currency.
What is Dogecoin
Doge is the native cryptocurrency of dogecoin, a parody cryptocurrency based on a viral internet meme of a Shiba Inu dog. At first, the crypto project was created purely as a mockery of other cryptocurrency projects that were being launched at the time. Doge was never designed to have any real-world utility beyond being a simple blockchain-based payment system; however, it quickly amassed a diehard community of fans who found and developed new use for it.
Those included a third-party online tipping service, which led to doge becoming a leading tipping coin on social media platform Reddit and crowdfunding charitable causes using dogecoin. Dogecoin (DOGE) was created as a lighthearted alternative to traditional cryptocurrencies like Bitcoin in 2013. The current value of Doge in the international market is $0.131312
What Is Cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Crypto” refers to the various encryption algorithms and cryptographic techniques that safeguard these entries. This digital asset is actually based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities. They enable secure online payments without the use of third-party intermediaries
Many cryptocurrencies are decentralized networks based on blockchain technology. As its name indicates, blockchain is essentially a set of connected blocks or an online ledger. Each block contains a set of transactions that have been independently verified by each member of the network. Every new block generated must be verified by each node before being confirmed, making it almost impossible to forge transaction histories.
Types of Cryptocurrency
Bitcoin is the most popular and valuable cryptocurrency. An anonymous person called Satoshi Nakamoto invented it and introduced it to the world via a white paper in 2008. There are thousands of cryptocurrencies present in the market today. Bitcoin, which was made available to the public in 2009, remains the most widely traded and covered cryptocurrency. As of November 2021, there were over 18.8 million bitcoins in circulation with a total market cap of around $1.2 trillion.
In the wake of Bitcoin’s success, many other cryptocurrencies, known as “altcoins,” have been launched. Some of these are clones or forks of Bitcoin, while others are new currencies that were built from scratch. They include Solana, Litecoin, Ethereum, Cardano, and EOS.
Most Popular Cryptocurrencies?
Bitcoin is the most popular cryptocurrency followed by other cryptocurrencies such as Ethereum, Binance Coin, Solana, and Cardano.
How to purchase Cryptocurrency?
Any investor can purchase cryptocurrency from popular crypto exchanges such as Coinbase, apps-Cash App, or through brokers. Another popular way to invest in cryptocurrencies is through financial derivatives, such as CME’s Bitcoin futures, or through other instruments, such as Bitcoin trusts and Bitcoin ETFs.
