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- Elon Musk could have minted a few more billions had Tesla invested in Dogecoin instead of Bitcoin.
- Elon Musk’s social platform X to integrate payments soon. Analysts are gunning for Dogecoin integration.
It’s a pretty much-known fact that tech billionaire Elon Musk has been an ardent supporter of Dogecoin (DOGE). Despite this, Elon Musk’s Tesla chose Bitcoin over Dogecoin to hold crypto on the company’s balance sheet.
However, reports suggest that back in 2021, if Tesla had invested in DOGE over BTC, the company could have minted even higher profits. In February 2021, Tesla made a notable investment by purchasing $1.5 billion worth of Bitcoin (BTC), a transaction documented in an SEC filing.
Over the last two years, Tesla has sold a large portion of its Bitcoin holdings periodically and still holds a stash of around 10,725 BTC. Nonetheless, when comparing Dogecoin’s performance against Bitcoin since early 2021, it becomes evident that Tesla’s investment outcomes would have been significantly more favorable if the company had chosen Elon Musk’s preferred cryptocurrency. Dogecoin, the prominent memecoin in terms of market capitalization and popularity, has shown a notable surge in value during this period.
Starting from the same point where Bitcoin experienced a price decline of 19.29% until September 21, 2023, Dogecoin, on the other hand, demonstrated a remarkable upswing of 66.57%.
Remarkably, examining the price performance chart above, strategically selling off a portion in Q2 of 2022 would have hypothetically yielded realized gains ranging from 100% to 200%. This would have been approximately equivalent to $2.8 billion, based on the initial $1.5 billion investment.
Taking into account the 66.57% price surge depicted in the chart, the remaining 25% of the cryptocurrency stash would now be valued at approximately $620 million if held in DOGE, as opposed to the $287.43 million it represents in BTC, reports Finbold.
Elon Musk’s X to Integrate Payments, Will DOGE Get A Space?
With Elon Musk acquiring Twitter (now X) last year, many people have hope that Musk could integrate DOGE payments into X. This could be Musk’s opportunity to make up for the lost opportunity with Tesla.
In one of her recent tweets, X CEO Linda Yaccarino confirmed that payment integration is coming to the social media platform. X aims to deliver a tailored user experience through its Everything app, encompassing activities such as sharing information, participating in community discussions, connecting with loved ones through calls, conducting online purchases, and facilitating instant money transfers. Users can also seize the opportunity to generate substantial income by joining Meta’s creator community.
If Elon Musk brings DOGE payments to X, it could lead to a massive price rally for the memecoin going ahead. In this case, chances are DOGE can also surge to becoming the top five cryptocurrencies by market valuation.
Following a significant decline, Dogecoin’s price discovered support around the $0.0595 level, touching as low as $0.0591 before initiating a recovery phase. The price experienced a notable upswing beyond $0.0600, ultimately stabilizing above the $0.0612 mark.
