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The digital currency Dogecoin, which continues to see a meteoric rise in value, is now worth as much as Dow Inc. Dogecoin is the favored cryptocurrency of billionaire Tesla founder Elon Musk , who has called it the "people's crypto" on Twitter.
Large companies like Newegg, an electronics retailer, are showing support as well and said it's celebrating DogeDay and accepting Dogecoin for purchases through BitPay, a payment service provider.
Economists, however, said that the instability of Dogecoin and its rapid increase in value is destined to crash, and that buyers are setting themselves up for losses.
Dogecoin, the digital currency advertised as the one "favored by Shiba Inus worldwide," is having its day. Fans of the cryptocurrency have touted April 20, long an unofficial holiday for marijuana devotees, as "Doge Day. Supporters of Dogecoin are trying to help it shed its image as a joke cryptocurrency and get seen as a way to make fast and easy transactions, though few retailers are accepting it so far. Those buyers have even been using many of the same slogans as GameStop investors, promising to take its price "to the moon.
Dogecoin's ascent is slowing a bit on Doge Day, though. After rising above 42 cents in the overnight hours, it pulled back as the morning progressed, and some buyers are coming into the market with trepidation. Cryptocurrency Elon Musk Stocks Investing. For more reporting from the Associated Press, see below. Read more. Newsweek magazine delivered to your door Unlimited access to Newsweek.
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What Is Cryptocurrency?
Bitcoin BTC is fundamentally different from any other digital asset and no other digital asset is likely to improve upon bitcoin as a monetary good, according to digital asset-focused financial services provider Fidelity Digital Assets. In its latest report, the subsidiary of US-based mutual fund giant Fidelity Investments said that BTC "is the most relative to other digital assets secure, decentralized, sound digital money and any 'improvement' will necessarily face tradeoffs. The authors of the report added that non-bitcoin projects should be evaluated from a different perspective than BTC, as the rest of the digital asset ecosystem can address different needs or solve other issues that bitcoin cannot. The report notes that, contrary to the BTC network, the ETH network is fast and responsive to user demand, but also more centralized and expensive. The firm estimates that traditional investors typically attempt to place bitcoin within a technology investing framework which leads them to the conclusion that, as a first-mover technology, bitcoin could easily be replaced by a superior crypto or have lower returns. As a monetary good, bitcoin is unique. Enter your email for our Free Morning Newsletter.
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THE price of Bitcoin has surged to a new record high after two finance giants announced their own cryptocurreny projects. Both Mastercard and BNY Mellon, America's oldest bank, announced their plans to incorporate Bitcoin into their multi-billion dollar businesses. Mastercard said they would begin allowing their platform to support Bitcoin payments this year, while BNY Mellon went a step further and said they will be transferring and issuing the cryptocurrency. The latest Bitcoin surge began on Monday when Tesla announced it would soon be allowing customers to purchase items using Bitcoin. Now crypto-market watchers now believe a wave of Silicon Valley billion-dollar investments could spark another surge, with Twitter among several companies rumoured to be planning a Tesla-style share purchase. Before investing in any cryptocurrency , you should be aware of the risks and how volatile the market is. The UK's Financial Conduct Authority has warned investors to be prepared to lose everything they put in.
Why your credit card company wants to give you crypto
Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. These offers do not represent all available deposit, investment, loan or credit products. Cryptocurrency had a big year in , with Bitcoin values skyrocketing and then plummeting , Coinbase going public and Dogecoin rising in popularity thanks to public support from Elon Musk and Mark Cuban.
Bitcoin Wallet: How to Choose the Right One for Your Cryptocurrency
Bitcoin's dominance in making cryptocurrency payments appears to be fading. Both people and businesses are using other crypto coins to make cross-border payments, bitcoin payment service provider BitPay recently told Bloomberg. This shift away from bitcoin happened partly due to a preference for stablecoins, while other cryptocurrencies were dropping, Atlanta-based BitPay said. Another factor might be users not wanting to spend bitcoin if they think its price could increase fold within a year. Stablecoins are cryptocurrencies pegged or have a fixed exchange-rate to a real-world asset like gold or the dollar.
Dogecoin Stock Now as Valuable as Kimberly-Clark, the Producer of Kleenex
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Remember when the Internet was supposed to democratize everything? Create a level technological playing field where ideas and commerce would frolic in their natural glory in a land of free intellectual exchange and scarcity-free splendor? The Internet is not free , and is in fact expensive to build, run, and maintain. Moving publications online introduces fixed costs that are harder to manage than the variable costs of print.
Signing out of account, Standby Specifically, the native cryptocurrency that powers the first third-generation blockchain was not successful in becoming the next altcoin to be listed on BitPay. Cardano, and by extension ADA, was one of 20 possible options. Once the result was announced, Cardano founder Charles Hoskinson questioned the point of the poll. It may sound like sour grapes, but I think it does raise a fundamental question.
Comment on This Story Click here to cancel reply. Or to contact Money Morning Customer Service, click here. Your email address will not be published. Sign me up for the Money Morning newsletter. Save my name, email, and website in this browser for the next time I comment. Coinbase stock gave retail investors their best option yet for getting exposure to cryptocurrencies, but make no mistake - more crypto IPOs are coming. The Coinbase IPO earlier this month will make it easier for other crypto-oriented startups to go public.
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