There is no doubt that Crypto is a hot topic at the moment and, likely due to the situation we have been facing on a global level with the pandemic, it is also well ascertained that there has been an influx of newcomers and registered users to the main exchanges. If you are on Reddit, you're probably well accustomed by now to seeing users in there asking for advice or help on how they can purchase Bitcoin, Ethereum, or even Dogecoin using their VISA or Mastercard. Especially people from the US.
This post is not meant to address this. However, it may be a little important to discuss a few other things that may be happening. Namely, the issue on wether Dogecoin is, or is not, a valid option when it comes to Crypto, and wether or not this token is an investment one should consider.
If you have been inside the Crypto world for a while now (I haven't, but I get the feeling), you most likely think Dogecoin is just a joke, a meme, and that it has no real value or future. On the other hand, there are the Doge enthusiasts, who believe the token is more of a movement that a mere coin, and who are willing to stake and invest more than they should and/or have, because of believing the coin will be reaching the moon.
But who's right?
As in all things related to Crypto; who knows? We can not predict the future. We can try, and there are tools and formulas that are helpful in providing an idea about the short or long-term viability of a coin, but no one knows what tomorrow brings. And just like we were hit by COVID on the end of 2019 to see it completely shift the way we live our lives, tomorrow we may very well face another event which will completely set us apart from what seems to be the path current events are leading us to.
However, we can look at the present day and do our best to try and interpret some of the signals we are getting from what's unfolding. The first thing we should probably notice is how much Elon Musk is on-board to make Dogecoin widely accepted and spoken about. His tweets about it at this point are pretty frequent, and just today he even tweeted that the next SpaceX flight "will place a literal Dogecoin on the literal moon."
If you believe Doge is just a meme, then my question for you is the following: how many times have you seen the man make the wrong move? If, on the other hand, you think you are going to be able to buy a Lamborghini from your Doge gains, then I'll place you the following question: then why did TESLA acquire 1.5 Billion dollars in Bitcoin, and is also accepting payment in Bitcoin if you want to buy a Tesla (any model), but not accepting or investing in Dogecoin?
Both sides may want to reconsider their assumptions. I believe the answer to this may be the difference in the utility for both coins. As more major companies are picking it up and investing some of their assets into Bitcoin, that may be a sign that they recognise its store-value and how it can be an upper tier replacement for gold. It is known, predicted, that in the next four years we will see the last possible Bitcoins mined, and that after that you will only be able to obtain it if you purchase from someone else. Which therefore most likely means Bitcoin will still rise for the next couple of years and a bit more.
Dogecoin, however, is an infinite supply coin. This is one of the arguments that people that think it's no more than a meme like to use so often. However, aren't Fiat currencies, like the Dollar or Euro, the same? You may argue that their value is tied to gold, and so on. But, in practice what we've been watching is the opposite; the US alone printed 1 Trillion Dollars out of nothing just for the emission of the COVID-19 related so called Stimulus Checks. In other words, money printer go "brrrrrrrrr." Some birds are also whispering the International Monetary Fund itself is granting European countries with unlimited funds, just as long as they use them wisely to acquire real-estate or other deflationary assets (could Bitcoin be consider one of them, by the way). In the same words, money printer go "brrrrrrrr" again.
Now, while this is happening we see the Dallas Mavericks are already accepting Dogecoin for merchandise and ticket purchases. Every day, Reddit is flooded with new businesses embracing Dogecoin as a payment form and it even got to the point there was a photo of a fair in Turkey in which one of the stands had a cardboard sign that read "Dogecoin accepted" in Turk. If you're not paying attention, this is not a joke anymore. Dogecoin is already widely accepted and growing by the day.
My reading from this is the following - and here's the part where I have to state I am a newbie to Crypto and you should NOT in any way take this as financial advice - if you want to invest, do your own due diligence. Of course, there is the Ethereum 2.0 revamp coming and other things are to be considered in the Crypto world. But you are possibly not paying attention if you are dismissing Dogecoin as unviable.
I strongly believe Dogecoin is neither a meme anymore as there are too many people with too much influence on-board with it, neither it is a coin to invest as it will never be a scarce asset that will be rare to acquire or obtain. It will, most likely, become a currency that can feasibly replace Fiat currencies if people embrace it enough. And right now, the path we are taking seems to be saying that more and more people are falling in love with the idea of it. Or, "the most entertaining outcome is also the most likely," and Dogecoin may very well become the people's new currency. The power of memes becoming a tangible thing, isn't that a delight?
What am I doing about it, did you ask? I am getting some, that's for sure. Not by the millions and not as an investment to go "to the moon," but to promote a change that's very much needed - the one for a currency that's not so tied and dependant of institutions or governments we know to be shady and corrupt.
My two cents. Or Satoshi. Whatever grinds your gears. Feel free to change my mind.
