Musk was a supporter of the cryptocurrency, which was created as a joke in 2013 based on a popular internet meme, but has become the # 10 virtual currency in recent days, according to data from CoinMarketCap.com.
“I bought Dogecoin for little X, so he could be a toddler,” Musk tweeted Wednesday.
Musk tweeted a poll last week that received 2.4 million responses asking users if “Earth’s future currency” would be Dogecoin or “all other cryptos combined.” Over 70% of those surveyed chose Dogecoin.
“The people have spoken”, Musk noted once the investigation is complete.
The billionaire has previously tweeted about Dogecoin, including a tweet from 2019 in which he called it his “favorite cryptocurrency”. Musk has also expressed interest in other cryptocurrencies, including bitcoin. Tesla said in an SEC on Monday deposit that the company had invested $ 1.5 billion in bitcoin and would start accepting it as a payment method.
After Elon Musk added #bitcoin to his Twitter bio, the price of the cryptocurrency briefly rose by around 20% on February 5.
|BTC||ETF CLEARSHARE PITON INTERMEDI SERIES SOLUTIONS||99.28||-0.28||-0.28%|
“I think bitcoin at this point is a good thing, and I’m a bitcoin supporter,” Musk said during a live interview on the popular Club House audio chat app on Sunday. “Many friends of mine have tried to convince me to get involved in bitcoin for a long time.”
Musk added, “I think bitcoin is really on the cusp of being widely accepted by the mainstream finance folks.”
The founder of SpaceX explained that a friend gave him a piece of “bitcoin pie” in 2013.
Billionaire investor Mark Cuban also shared a statement on Monday saying he also bought the cryptocurrency for his son.
“Dogecoin costs less than a dime. You can buy [$1.00] is where [$10.00 worth and] have fun looking at it all day every day, ”he said in response to a question about whether investing in Dogecoin is a“ bad look ”.
He continued, “I bought a few dollars for my son and we watch him and discuss all of his price moves when they happen. It’s fun, it’s exciting and educational for him. Some of his friends also got into it. “
Cuban went on to clarify that while Dogecoin has no “intrinsic value”, it “gives you a better chance of winning than a lottery ticket” while teaching the economics of supply and demand and introducing people to crypto assets.
The cryptocurrency’s market cap doubled last week to over $ 9.5 billion, according to CoinMarketCap.
The praise from Musk and other celebrities for the cryptocurrency comes about two weeks after a group of Reddit users came together and urged people to press short sellers by investing in stocks of companies by. drop, including GameStop; AMC; Bed, bath and beyond; and Blackberry, causing an unexpected increase in their stocks.
The event opened a discussion on how amateur investors can influence the market and how the rules of day trading could be reformed.
Lucas Manfredi of FOX Business contributed to this report.