Elon Musk Says He Won't Sell Any Dogecoin — Admits He's the 'Ultimate Hodler'
Tesla CEO Elon Musk has confirmed that he has not sold any dogecoin and will not sell any as the price of the cryptocurrency continues to slide over the recent weeks. The “Dogefather” has been working with dogecoin devs “to improve system transaction efficiency” after Tesla suspended accepting bitcoin for payments, citing environmental concerns.
Elon Musk Will Not Sell His Dogecoins
Elon Musk confirmed this week that he has not sold any dogecoin and will not sell any. On Thursday, the Tesla CEO posted an image on Twitter with the question: “How much is that Doge in the window?”
Twitter user “Dave Lee” responded, “If you missed it this is the sticker on Elon Musk’s gaming laptop. Yes, that’s a dog on a dollar bill.” Musk replied with a clarification: “A longtime Tesla supporter gave me the Doge dollar sticker at Giga Berlin.”
Lee further tweeted: “To clarify, I don’t think Elon would ever sell any his Doge holdings. He’s the ultimate holder.” The Technoking of Tesla confirmed:
Yeah, I haven’t and won’t sell any Doge.
It is not known how much dogecoin Musk actually owns other than his tweet on Feb. 10 that he “Bought some dogecoin for Lil X, so he can be a toddler holder.” People have speculated anything from him not owning any DOGE to him being a dogecoin whale. Bitcoin News reported on Friday that Musk could be the owner of a mystery dogecoin whale address currently holding 36.7 billion dogecoins. The price of DOGE is currently $0.3560.
Musk previously voiced some concerns about the meme cryptocurrency. “Too much concentration is the only real issue,” he said in February, adding, “I will literally pay actual $ if they [dogecoin whales] just void their accounts.”
Nonetheless, he has been all about dogecoin lately, calling himself the Dogefather on several occasions, including during his performance on Saturday Night Live (SNL) on May 8. Musk’s company SpaceX also announced that the Doge-1 satellite will be launched to the moon next year. On May 11, Musk set up a poll on Twitter asking his followers if Tesla should accept dogecoin; 78.2% of voters said yes.
After announcing that Tesla has suspended accepting bitcoin for payments, Musk revealed he was “Working with Doge devs to improve system transaction efficiency.” On May 15, he tweeted: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.” His comments have drawn much scrutiny from the crypto community.
As for whether Tesla will sell its BTC stash, Mush tweeted that “Tesla has [diamond hands emojis]” and “Credit to our Master of Coin.” Both Musk and Tesla have confirmed that Tesla has not sold its bitcoins while Musk said that he himself has not sold his BTC.
Meanwhile, the environmental debate between Musk and the bitcoin community has escalated with a growing number of people trying to show Musk that he has been misinformed. For example, Ark Invest said that bitcoin mining could be a net positive for the environment while Shark Tank star Mark Cuban explained that accepting bitcoin actually benefits the environment.
Tesla CEO Elon Musk has confirmed that he has not sold any dogecoin and will not sell any as the price of the cryptocurrency continues to slide over the recent weeks. The “Dogefather” has been working with dogecoin devs “to improve system transaction efficiency” after Tesla suspended accepting bitcoin for payments, citing environmental concerns.
Elon Musk Will Not Sell His Dogecoins
Elon Musk confirmed this week that he has not sold any dogecoin and will not sell any. On Thursday, the Tesla CEO posted an image on Twitter with the question: “How much is that Doge in the window?”
Twitter user “Dave Lee” responded, “If you missed it this is the sticker on Elon Musk’s gaming laptop. Yes, that’s a dog on a dollar bill.” Musk replied with a clarification: “A longtime Tesla supporter gave me the Doge dollar sticker at Giga Berlin.”
Lee further tweeted: “To clarify, I don’t think Elon would ever sell any his Doge holdings. He’s the ultimate holder.” The Technoking of Tesla confirmed:
Yeah, I haven’t and won’t sell any Doge.
It is not known how much dogecoin Musk actually owns other than his tweet on Feb. 10 that he “Bought some dogecoin for Lil X, so he can be a toddler holder.” People have speculated anything from him not owning any DOGE to him being a dogecoin whale. Bitcoin News reported on Friday that Musk could be the owner of a mystery dogecoin whale address currently holding 36.7 billion dogecoins. The price of DOGE is currently $0.3560.
Musk previously voiced some concerns about the meme cryptocurrency. “Too much concentration is the only real issue,” he said in February, adding, “I will literally pay actual $ if they [dogecoin whales] just void their accounts.”
Nonetheless, he has been all about dogecoin lately, calling himself the Dogefather on several occasions, including during his performance on Saturday Night Live (SNL) on May 8. Musk’s company SpaceX also announced that the Doge-1 satellite will be launched to the moon next year. On May 11, Musk set up a poll on Twitter asking his followers if Tesla should accept dogecoin; 78.2% of voters said yes.
After announcing that Tesla has suspended accepting bitcoin for payments, Musk revealed he was “Working with Doge devs to improve system transaction efficiency.” On May 15, he tweeted: “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.” His comments have drawn much scrutiny from the crypto community.
As for whether Tesla will sell its BTC stash, Mush tweeted that “Tesla has [diamond hands emojis]” and “Credit to our Master of Coin.” Both Musk and Tesla have confirmed that Tesla has not sold its bitcoins while Musk said that he himself has not sold his BTC.
Meanwhile, the environmental debate between Musk and the bitcoin community has escalated with a growing number of people trying to show Musk that he has been misinformed. For example, Ark Invest said that bitcoin mining could be a net positive for the environment while Shark Tank star Mark Cuban explained that accepting bitcoin actually benefits the environment.
This industry expert says ‘Bitcoin is coming to life’… at this cost!
The global crypto market has been quite wobbly over the past week. Most of the coins have been in the red zone, including the king coin, Bitcoin. Even though the largest crypto showed signs of recovery on Friday by oscillating well above the $40,000 mark, the coin’s price remained indecisive on the charts.
MicroStrategy’s CEO Michael Saylor, however, remained quite bullish about the coin and recently exclaimed,
“Bitcoin is coming to life. It’s an institutional grade safe-haven asset.”
As a matter of fact, the supply held by entities with who owned 10k – 100k BTC saw a sharp rise from the 1450k range to the 1600k range on 18 May and continued its northward movement the following day too.
IAC’s chairman Barry Diller expressed his views on the crypto and went on to assert that he viewed it as a danger to “would-be” investors. After initially saying exclaiming, “You can’t ask me about crypto,” in a recent interview, he went on to state,
“I think it’s a con. Yeah, absolutely!”
Notwithstanding Diller’s assertion, the short-term returns have been quite remarkable for Bitcoin. Compound Capital Advisors’ Charlie Bilello recently pointed out that YTD returns throughout April for the biggest crypto were 95 percent while the same for S&P was merely 12 percent. Talking about the bigger picture, Saylor said,
“… the volatility is the price you pay for it to be 10x outperforming the S&P index over a decade.”
Further justifying his “con” stance, Diller went on to claim that people who discussed the fluctuating prices indulged themselves into “nutso talk.” Back in September, he proclaimed that the market was merely being driven by “speculation.”
Saylor had earlier stated that people who did not understand the underlying technology were the ones who attributed the “speculation” factor to the price movements.
Leaving speculation aside, Tesla’s CEO, Elon Musk has been another influencer who kept triggering the price of Bitcoin with his tweets lately. Backing out from the blame-game and finger-pointing, Saylor did not attribute Musk to be the catalyst that triggered the Bitcoin sell-offs over the past few days. He instead said,
“He’s [Musk] just as enthusiastic as I am. He’s enthusiastic about renewable energy and making the environment green and he’d like to be a part of the solution. He’d like the Bitcoin community to work with him.”
MicroStrategy’s exec further emphasized that everyone truly associated with Bitcoin had the same objective and stated that everyone was aligned on that plan. He exclaimed
The global crypto market has been quite wobbly over the past week. Most of the coins have been in the red zone, including the king coin, Bitcoin. Even though the largest crypto showed signs of recovery on Friday by oscillating well above the $40,000 mark, the coin’s price remained indecisive on the charts.
MicroStrategy’s CEO Michael Saylor, however, remained quite bullish about the coin and recently exclaimed,
“Bitcoin is coming to life. It’s an institutional grade safe-haven asset.”
As a matter of fact, the supply held by entities with who owned 10k – 100k BTC saw a sharp rise from the 1450k range to the 1600k range on 18 May and continued its northward movement the following day too.
IAC’s chairman Barry Diller expressed his views on the crypto and went on to assert that he viewed it as a danger to “would-be” investors. After initially saying exclaiming, “You can’t ask me about crypto,” in a recent interview, he went on to state,
“I think it’s a con. Yeah, absolutely!”
Notwithstanding Diller’s assertion, the short-term returns have been quite remarkable for Bitcoin. Compound Capital Advisors’ Charlie Bilello recently pointed out that YTD returns throughout April for the biggest crypto were 95 percent while the same for S&P was merely 12 percent. Talking about the bigger picture, Saylor said,
“… the volatility is the price you pay for it to be 10x outperforming the S&P index over a decade.”
Further justifying his “con” stance, Diller went on to claim that people who discussed the fluctuating prices indulged themselves into “nutso talk.” Back in September, he proclaimed that the market was merely being driven by “speculation.”
Saylor had earlier stated that people who did not understand the underlying technology were the ones who attributed the “speculation” factor to the price movements.
Leaving speculation aside, Tesla’s CEO, Elon Musk has been another influencer who kept triggering the price of Bitcoin with his tweets lately. Backing out from the blame-game and finger-pointing, Saylor did not attribute Musk to be the catalyst that triggered the Bitcoin sell-offs over the past few days. He instead said,
“He’s [Musk] just as enthusiastic as I am. He’s enthusiastic about renewable energy and making the environment green and he’d like to be a part of the solution. He’d like the Bitcoin community to work with him.”
MicroStrategy’s exec further emphasized that everyone truly associated with Bitcoin had the same objective and stated that everyone was aligned on that plan. He exclaimed
Rich Dad Poor Dad's Robert Kiyosaki Urges Crypto Investors to Buy the Dip, Says 'Stop Whining and Take Action'
Rich Dad Poor Dad's Robert Kiyosaki Urges Crypto Investors to Buy the Dip, Says 'Stop Whining and Take Action'
Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” says now that bitcoin is “crashing,” it is a buying opportunity, especially for those who said that they could not afford it before. Alternatively, he said they can “Buy coins that outperform bitcoin for pennies,” reiterating that the Fed, Treasury, and Biden are the problems, not bitcoin or Elon Musk.
Robert Kiyosaki’s Bitcoin Advice
Famous author and investor Robert Kiyosaki has once again pushed for investors to buy bitcoin now that the price of the cryptocurrency has fallen sharply from its record highs. He sees the price “crash” as a buying opportunity.
Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. Over 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki tweeted last week:
I hear ‘I can’t afford bitcoin.’ Bitcoin is crashing, good news. Now is your chance. Get Educated. Buy coins that outperform bitcoin for pennies. Stop whining and take action.
This tweet followed another one of Kiyosaki’s pro-bitcoin tweets which was posted on May 14. The Rich Dad Poor Dad author wrote: “Bitcoin crashing. Good news. Getting ready to buy more.” He continued:
Remember the problem is not Elon Musk or bitcoin. The problems are the Fed, Treasury, and Biden. Gold, silver and bitcoin are the solutions.
Kiyosaki did not name any cryptocurrencies other than bitcoin in particular and there are thousands of coins to choose from. Investors need to do their own research thoroughly before investing. For example, people who got in early on dogecoin have reported making a substantial amount of money and recently the Shiba Inu coin has made some people millionaires. A Goldman Sachs executive has reportedly quit his job at the investment bank after making a fortune with dogecoin.
The renowned Rich Dad Poor Dad author further explained that the “Fed wants inflation to pay debt with cheaper $ [money]. Fed will raise interest rates causing stock, bond, real estate & gold crash. Biggest problem: Boomer retirement. Social Security Medicare & America broke. Fed to [print] more fake money. Stick with gold, silver, and bitcoin.”
Kiyosaki has been recommending bitcoin for quite some time as he believes that the dollar is dying. In April, he predicted that the price of BTC will be $1.2 million “in five more years.”
Rich Dad Poor Dad's Robert Kiyosaki Urges Crypto Investors to Buy the Dip, Says 'Stop Whining and Take Action'
Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” says now that bitcoin is “crashing,” it is a buying opportunity, especially for those who said that they could not afford it before. Alternatively, he said they can “Buy coins that outperform bitcoin for pennies,” reiterating that the Fed, Treasury, and Biden are the problems, not bitcoin or Elon Musk.
Robert Kiyosaki’s Bitcoin Advice
Famous author and investor Robert Kiyosaki has once again pushed for investors to buy bitcoin now that the price of the cryptocurrency has fallen sharply from its record highs. He sees the price “crash” as a buying opportunity.
Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. Over 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki tweeted last week:
I hear ‘I can’t afford bitcoin.’ Bitcoin is crashing, good news. Now is your chance. Get Educated. Buy coins that outperform bitcoin for pennies. Stop whining and take action.
This tweet followed another one of Kiyosaki’s pro-bitcoin tweets which was posted on May 14. The Rich Dad Poor Dad author wrote: “Bitcoin crashing. Good news. Getting ready to buy more.” He continued:
Remember the problem is not Elon Musk or bitcoin. The problems are the Fed, Treasury, and Biden. Gold, silver and bitcoin are the solutions.
Kiyosaki did not name any cryptocurrencies other than bitcoin in particular and there are thousands of coins to choose from. Investors need to do their own research thoroughly before investing. For example, people who got in early on dogecoin have reported making a substantial amount of money and recently the Shiba Inu coin has made some people millionaires. A Goldman Sachs executive has reportedly quit his job at the investment bank after making a fortune with dogecoin.
The renowned Rich Dad Poor Dad author further explained that the “Fed wants inflation to pay debt with cheaper $ [money]. Fed will raise interest rates causing stock, bond, real estate & gold crash. Biggest problem: Boomer retirement. Social Security Medicare & America broke. Fed to [print] more fake money. Stick with gold, silver, and bitcoin.”
Kiyosaki has been recommending bitcoin for quite some time as he believes that the dollar is dying. In April, he predicted that the price of BTC will be $1.2 million “in five more years.”
Vitalik: Why Elon Musk's plan for scaling crypto 10x is ‘fundamentally flawed’
Elon Musk’s claims of Dogecoin's superiority has sparked a discussion on scaling from Ethereum's co-founder.
Ethereum co-founder Vitalik Buterin has posted a lengthy paper on the limits to blockchain scalability, criticizing claims made by Tesla's CEO, Elon Musk.
The article, published in Buterin’s personal blog on May 23, emphasizes the trade-off between decentralization and scalability in architecting blockchain networks. The article comes in response to Elon Musk’s May 15 tweet asserting that Dogecoin will emerge as the leading chain if it moves to increase its block size by 900%:
“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
Vitalik Buterin challenges Musk’s proposition, emphasizing the challenge of seeking to achieve a sharp increase in scalability and throughput “without leading to extreme centralization and compromising the fundamental properties that make a blockchain what it is.”
Buterin stressed the need for decentralization to eliminate the risk of a network having a single point of failure, and the protections a widely distributed network enjoys against coordinated attacks. He added that decentralization cannot be achieved without regular users being freely able to run nodes.
“For a blockchain to be decentralized, it's crucially important for regular users to be able to run a node, and to have a culture where running nodes is a common activity.”
Buterin also asserts that sharding can facilitate comparable scalability to that offered by many centralized chains. Based on the current state of the Ethereum network, Buterin predicts that a sharded Ethereum could “probably process one a million transactions per second with the full security of a blockchain.”
“But it's going to take work to do this without sacrificing the decentralization that makes blockchains so valuable,” he added.
In March, the Ethereum co-founder suggested that rollups will be deployed on Ethereum before sharding ships with ETH 2.0.
Elon Musk’s claims of Dogecoin's superiority has sparked a discussion on scaling from Ethereum's co-founder.
Ethereum co-founder Vitalik Buterin has posted a lengthy paper on the limits to blockchain scalability, criticizing claims made by Tesla's CEO, Elon Musk.
The article, published in Buterin’s personal blog on May 23, emphasizes the trade-off between decentralization and scalability in architecting blockchain networks. The article comes in response to Elon Musk’s May 15 tweet asserting that Dogecoin will emerge as the leading chain if it moves to increase its block size by 900%:
“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”
Vitalik Buterin challenges Musk’s proposition, emphasizing the challenge of seeking to achieve a sharp increase in scalability and throughput “without leading to extreme centralization and compromising the fundamental properties that make a blockchain what it is.”
Buterin stressed the need for decentralization to eliminate the risk of a network having a single point of failure, and the protections a widely distributed network enjoys against coordinated attacks. He added that decentralization cannot be achieved without regular users being freely able to run nodes.
“For a blockchain to be decentralized, it's crucially important for regular users to be able to run a node, and to have a culture where running nodes is a common activity.”
Buterin also asserts that sharding can facilitate comparable scalability to that offered by many centralized chains. Based on the current state of the Ethereum network, Buterin predicts that a sharded Ethereum could “probably process one a million transactions per second with the full security of a blockchain.”
“But it's going to take work to do this without sacrificing the decentralization that makes blockchains so valuable,” he added.
In March, the Ethereum co-founder suggested that rollups will be deployed on Ethereum before sharding ships with ETH 2.0.
3 Lessons from Bitcoin's Very Bad Week
It began with Elon Musk bashing Bitcoin, and ended with a renewed crypto crackdown in China. Those came as book-ends to a spate of other bad news in cryptoland, including a stomach-churning market crash and anger over Bitcoin's role in facilitating a massive cyber attack on an east coast oil pipeline. All of this saw Bitcoin limp into the weekend well below the $40,000 mark as the entire crypto industry licked its wounds.
Here are three key takeaways from Bitcoin's latest week from hell.
1.Crypto is still prone to crashes.
Since its inception, Bitcoin and the broader crypto market has been prone to wild run-ups in price followed by spectacular crashes. It happened in 2013 when Bitcoin first hit $1,000; it happened in early 2018 following the ICO frenzy of 2017, when the price dropped from $20,000 to $3,000; and it happened again this week. But each crash has been less severe than the previous one. To be sure, a 40% tumble—where Bitcoin now stands from its recent all-time high—is still ugly, but it's not like the 80% or 90% drops that marked previous cycles. Volatility is part of the ride, crypto kids, so get used to it.
2.Much of the mainstream media is (still) hostile to crypto.
The mainstream press ignored Bitcoin for years and, when they did write about it, it was typically to ridicule the crypto community. It looked like those days had largely faded until this week, when some of the usual suspects re-emerged with knives out, including the prominent New York Times columnist Paul Krugman, who declared Bitcoin to be worthless, the Wall Street Journal's star finance writer Greg Ip, who likened crypto to Fentanyl, and The New Republic, which screamed that Elon Musk's "betrayal" could finally "expose the grift of cryptocurrency." Meanwhile, Reuters and other major media outlets blew it by misrepresenting the news out of China (reporting it as a new ban, rather than a reiteration of an existing ban), sowing panic in an already jittery crypto market.
3.Crypto fundamentals are still sound
Let's end the rough week on a high note. Even as crypto prices are in the toilet and the media is beating up on Bitcoin, there is plenty of room for optimism. Unlike the 2017 ICO boom that saw companies raise hundreds of millions through flimsy whitepaper promises, this year has been marked by a dazzling array of projects—from Dfinity to Uniswap—taking giant leaps forward. Crypto is no longer an abstract bet on the future, but a growing reality all around us. The technology is real and more exciting than ever, and this week's horrors are only a temporary blip.
It began with Elon Musk bashing Bitcoin, and ended with a renewed crypto crackdown in China. Those came as book-ends to a spate of other bad news in cryptoland, including a stomach-churning market crash and anger over Bitcoin's role in facilitating a massive cyber attack on an east coast oil pipeline. All of this saw Bitcoin limp into the weekend well below the $40,000 mark as the entire crypto industry licked its wounds.
Here are three key takeaways from Bitcoin's latest week from hell.
1.Crypto is still prone to crashes.
Since its inception, Bitcoin and the broader crypto market has been prone to wild run-ups in price followed by spectacular crashes. It happened in 2013 when Bitcoin first hit $1,000; it happened in early 2018 following the ICO frenzy of 2017, when the price dropped from $20,000 to $3,000; and it happened again this week. But each crash has been less severe than the previous one. To be sure, a 40% tumble—where Bitcoin now stands from its recent all-time high—is still ugly, but it's not like the 80% or 90% drops that marked previous cycles. Volatility is part of the ride, crypto kids, so get used to it.
2.Much of the mainstream media is (still) hostile to crypto.
The mainstream press ignored Bitcoin for years and, when they did write about it, it was typically to ridicule the crypto community. It looked like those days had largely faded until this week, when some of the usual suspects re-emerged with knives out, including the prominent New York Times columnist Paul Krugman, who declared Bitcoin to be worthless, the Wall Street Journal's star finance writer Greg Ip, who likened crypto to Fentanyl, and The New Republic, which screamed that Elon Musk's "betrayal" could finally "expose the grift of cryptocurrency." Meanwhile, Reuters and other major media outlets blew it by misrepresenting the news out of China (reporting it as a new ban, rather than a reiteration of an existing ban), sowing panic in an already jittery crypto market.
3.Crypto fundamentals are still sound
Let's end the rough week on a high note. Even as crypto prices are in the toilet and the media is beating up on Bitcoin, there is plenty of room for optimism. Unlike the 2017 ICO boom that saw companies raise hundreds of millions through flimsy whitepaper promises, this year has been marked by a dazzling array of projects—from Dfinity to Uniswap—taking giant leaps forward. Crypto is no longer an abstract bet on the future, but a growing reality all around us. The technology is real and more exciting than ever, and this week's horrors are only a temporary blip.
'Wolf of All Streets' Trader Says Dogecoin Is a Good Entry Point to Cryptocurrency, Has Advice for DOGE Investors
Crypto trader Scott Melker, also known as the “Wolf of All Streets,” says dogecoin is a good way for new investors to get into cryptocurrency. Sharing his own experience in investing in the meme cryptocurrency, he now has some advice for new dogecoin investors.
Crypto investor Scott Melker has shared his experience in dogecoin investing, the Insider reported Friday. He also shared some advice he has for new dogecoin investors.
Melker is a trader and investor both privately and at Texas West Capital. He is the host of “The Wolf of All Streets Podcast,” the author of “The Wolf Den” newsletter, and an advisor to a number of blockchain-based projects. He also had a 20-year music career. In June last year, Binance awarded him the Influencer of the Year Award for North America.
Focusing on crypto investing, 70% of Melker’s own portfolio is allocated to long-term investment strategies. He believes that holding cryptocurrency long-term is the best way to make money.
Regarding dogecoin, Melker said that the meme cryptocurrency has been a very effective strategy for a long time. He believes that DOGE is a good entry point for investors to the crypto market since its price is currently less than a dollar and it is heavily touted by a growing number of celebrities and influential individuals, such as Tesla CEO Elon Musk, who calls himself the Dogefather.
Melker revealed that at one point he owned tens of millions of dogecoins, if not more, the publication conveyed. “I did it again [recently] and I traded against bitcoin when it was all the way down a few months ago,” he said. When he sold, the meme coin reached the top of its normal cycle at just under a cent, he detailed. Currently, Dogecoin is trading at about 40 cents. Melker opined:
It just continued and obviously went up another 70 times from there, or something absurd. But I don’t fault myself for making decisions based on information that I don’t have. And if you do that as a trader, you’ll drive yourself absolutely insane.
The Wolf of All Streets trader is aware that dogecoin does not have any fundamental value. “It’s absolutely a joke, it’s a beautiful joke, a beloved joke in the community,” he said.
He proceeded to give his two top tips for anyone interested in investing in dogecoin.
Firstly, he said to do your homework and get good information. “There’s just endless information on crypto in the market right now,” he noted. “It’s very easy to find and I think the mainstream is being served that information, whether they like it or not at this point.”
Secondly, he said it is important to learn from your mistakes, emphasizing that everyone makes them. “If you can’t learn from your own mistakes, you shouldn’t be trading at all,” Melker exclaimed, adding that one way to learn from mistakes is by maintaining a trading journal.
“If you write down your trade plan before you take it and say I took the trade here, there is no way to lie to yourself about the fact that you decided to change mid-trade,” Melker noted. Reiterating that “you can’t hide that from yourself if you keep a trading journal,” he concluded:
So I think it’s really, really essential because you’ll never learn unless you record them.
Crypto trader Scott Melker, also known as the “Wolf of All Streets,” says dogecoin is a good way for new investors to get into cryptocurrency. Sharing his own experience in investing in the meme cryptocurrency, he now has some advice for new dogecoin investors.
Crypto investor Scott Melker has shared his experience in dogecoin investing, the Insider reported Friday. He also shared some advice he has for new dogecoin investors.
Melker is a trader and investor both privately and at Texas West Capital. He is the host of “The Wolf of All Streets Podcast,” the author of “The Wolf Den” newsletter, and an advisor to a number of blockchain-based projects. He also had a 20-year music career. In June last year, Binance awarded him the Influencer of the Year Award for North America.
Focusing on crypto investing, 70% of Melker’s own portfolio is allocated to long-term investment strategies. He believes that holding cryptocurrency long-term is the best way to make money.
Regarding dogecoin, Melker said that the meme cryptocurrency has been a very effective strategy for a long time. He believes that DOGE is a good entry point for investors to the crypto market since its price is currently less than a dollar and it is heavily touted by a growing number of celebrities and influential individuals, such as Tesla CEO Elon Musk, who calls himself the Dogefather.
Melker revealed that at one point he owned tens of millions of dogecoins, if not more, the publication conveyed. “I did it again [recently] and I traded against bitcoin when it was all the way down a few months ago,” he said. When he sold, the meme coin reached the top of its normal cycle at just under a cent, he detailed. Currently, Dogecoin is trading at about 40 cents. Melker opined:
It just continued and obviously went up another 70 times from there, or something absurd. But I don’t fault myself for making decisions based on information that I don’t have. And if you do that as a trader, you’ll drive yourself absolutely insane.
The Wolf of All Streets trader is aware that dogecoin does not have any fundamental value. “It’s absolutely a joke, it’s a beautiful joke, a beloved joke in the community,” he said.
He proceeded to give his two top tips for anyone interested in investing in dogecoin.
Firstly, he said to do your homework and get good information. “There’s just endless information on crypto in the market right now,” he noted. “It’s very easy to find and I think the mainstream is being served that information, whether they like it or not at this point.”
Secondly, he said it is important to learn from your mistakes, emphasizing that everyone makes them. “If you can’t learn from your own mistakes, you shouldn’t be trading at all,” Melker exclaimed, adding that one way to learn from mistakes is by maintaining a trading journal.
“If you write down your trade plan before you take it and say I took the trade here, there is no way to lie to yourself about the fact that you decided to change mid-trade,” Melker noted. Reiterating that “you can’t hide that from yourself if you keep a trading journal,” he concluded:
So I think it’s really, really essential because you’ll never learn unless you record them.
‘I’d rather Bitcoin over bonds’: Billionaire investor Ray Dalio
Billionaire investor Ray Dalio believes Bitcoin is a better buy than bonds.
Billionaire investor and famed hedge fund manager, Ray Dalio, has stated he would prefer to purchase BTC over bonds during a recent interview at crypto conference Consensus.
Speaking on May 6 in an interview that was aired on Monday, May 24, the co-chairman and co-CIO of Bridgewater Associates describe Bitcoin as a superior instrument for saving than government or corporate bonds:
“The more we create savings in [Bitcoin], the more you might say, ‘I'd rather have Bitcoin than the bond.’ Personally, I'd rather have Bitcoin than a bond."
Dalio added that the more savings that go into crypto, the less power governments have over ordinary people’s capital.
However, despite emphasizing the benefits of investing in BTC, Dalio noted that “Bitcoin’s greatest risk is its success,” speculating that the recently surging popularity and performance of crypto assets may spark the catalyst for a sweeping government crackdown on the sector.
“One of the great [...] worr[ies] is the government having the capacity to control [...] Bitcoin, or the digital currencies,” he said, adding: “They know where they are, and they know what’s going on.”
The billionaire hedge fund manager admitted to holding Bitcoin in March after again predicting the U.S. may attempt to ban it. Dalio noted that the United States had attempted to prohibit U.S. citizens from owning or trading gold in the 1930s as it was seen to be a competitive threat to Treasury bonds.
In January, Dalio warned of increasing regulatory pressure targeting digital assets amid the crypto’s impressive bull run, writing: “I suspect that Bitcoin’s biggest risk is being successful because if it’s successful, the government will try to kill it and they have a lot of power to succeed.”
Billionaire investor Ray Dalio believes Bitcoin is a better buy than bonds.
Billionaire investor and famed hedge fund manager, Ray Dalio, has stated he would prefer to purchase BTC over bonds during a recent interview at crypto conference Consensus.
Speaking on May 6 in an interview that was aired on Monday, May 24, the co-chairman and co-CIO of Bridgewater Associates describe Bitcoin as a superior instrument for saving than government or corporate bonds:
“The more we create savings in [Bitcoin], the more you might say, ‘I'd rather have Bitcoin than the bond.’ Personally, I'd rather have Bitcoin than a bond."
Dalio added that the more savings that go into crypto, the less power governments have over ordinary people’s capital.
However, despite emphasizing the benefits of investing in BTC, Dalio noted that “Bitcoin’s greatest risk is its success,” speculating that the recently surging popularity and performance of crypto assets may spark the catalyst for a sweeping government crackdown on the sector.
“One of the great [...] worr[ies] is the government having the capacity to control [...] Bitcoin, or the digital currencies,” he said, adding: “They know where they are, and they know what’s going on.”
The billionaire hedge fund manager admitted to holding Bitcoin in March after again predicting the U.S. may attempt to ban it. Dalio noted that the United States had attempted to prohibit U.S. citizens from owning or trading gold in the 1930s as it was seen to be a competitive threat to Treasury bonds.
In January, Dalio warned of increasing regulatory pressure targeting digital assets amid the crypto’s impressive bull run, writing: “I suspect that Bitcoin’s biggest risk is being successful because if it’s successful, the government will try to kill it and they have a lot of power to succeed.”
Elon Musk Convinces Miners to Form 'Bitcoin Mining Council' to Promote Renewable Energy Usage
Tesla CEO Elon Musk has spoken with North American bitcoin miners and they have committed to forming a Bitcoin Mining Council to “promote energy usage transparency & accelerate sustainability initiatives worldwide.” They have also agreed to publish their current and planned renewable usage. The meeting was hosted by Microstrategy CEO Michael Saylor.
Elon Musk and Michael Saylor Say Miners Have Agreed to Form Bitcoin Mining Council
The Technoking of Tesla, Elon Musk, announced on Twitter Monday that he has spoken with bitcoin miners. He wrote:
"Spoke with North American bitcoin miners. They committed to publish current & planned renewable usage & to ask miners worldwide to do so. Potentially promising."
Microstrategy CEO Michael Saylor immediately tweeted explaining:
"Yesterday I was pleased to host a meeting between Elon Musk and the leading bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide."
Saylor proceeded to say the meeting included executives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon, and Riot Blockchain.
According to the Microstrategy CEO, the executives present at the meeting have “decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate and grow the marketplace.”
Tesla CEO Elon Musk has spoken with North American bitcoin miners and they have committed to forming a Bitcoin Mining Council to “promote energy usage transparency & accelerate sustainability initiatives worldwide.” They have also agreed to publish their current and planned renewable usage. The meeting was hosted by Microstrategy CEO Michael Saylor.
Elon Musk and Michael Saylor Say Miners Have Agreed to Form Bitcoin Mining Council
The Technoking of Tesla, Elon Musk, announced on Twitter Monday that he has spoken with bitcoin miners. He wrote:
"Spoke with North American bitcoin miners. They committed to publish current & planned renewable usage & to ask miners worldwide to do so. Potentially promising."
Microstrategy CEO Michael Saylor immediately tweeted explaining:
"Yesterday I was pleased to host a meeting between Elon Musk and the leading bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide."
Saylor proceeded to say the meeting included executives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon, and Riot Blockchain.
According to the Microstrategy CEO, the executives present at the meeting have “decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate and grow the marketplace.”
Goldman Sachs: Bitcoin Is Now Considered an Investable Asset, Clients Are Treating BTC as New Asset Class
Global investment bank Goldman Sachs now considers bitcoin an investable asset. “Clients and beyond are largely treating it as a new asset class, which is notable — it’s not often that we get to witness the emergence of a new asset class,” said Goldman Sachs’ analyst.
Goldman Sachs published a research note on cryptocurrency this week stating that bitcoin has become an investable asset, a reverse of its earlier stance. Mathew McDermott, the bank’s global head of digital assets, wrote:
Bitcoin is now considered an investable asset. It has its own idiosyncratic risk, partly because it’s still relatively new and going through an adoption phase.
“And it doesn’t behave as one would intuitively expect relative to other assets given the analogy to digital gold; to date, it’s tended to be more aligned with risk-on assets,” he continued, elaborating:
Clients and beyond are largely treating it as a new asset class, which is notable — it’s not often that we get to witness the emergence of a new asset class.
In February, when Coinbase filed with the U.S. Securities and Exchange Commission (SEC) for a direct listing on Nasdaq, Goldman Sachs said that bitcoin was not yet an investable asset class.
The firm also initiated its coverage of the Coinbase stock (NASDAQ: COIN) on Monday with a buy rating and a price target of $306. Coinbase is currently trading at $227.88
The Goldman Sachs analyst also acknowledges in the research note that regulation of the crypto space poses a significant risk to further price appreciation. Nonetheless, McDermott said institutional clients remain keen on adding crypto exposure to their portfolios.
He further noted that now “discussions with institutional clients revolve around how they can learn more on the topic and get access to the space.” In contrast, a few years ago, institutions were asking about what bitcoin or cryptocurrencies were.
Goldman Sachs has been bullish about bitcoin lately. The bank formally established a cryptocurrency trading team earlier this month and said that institutional demand for crypto “continues to grow significantly.”
Global investment bank Goldman Sachs now considers bitcoin an investable asset. “Clients and beyond are largely treating it as a new asset class, which is notable — it’s not often that we get to witness the emergence of a new asset class,” said Goldman Sachs’ analyst.
Goldman Sachs published a research note on cryptocurrency this week stating that bitcoin has become an investable asset, a reverse of its earlier stance. Mathew McDermott, the bank’s global head of digital assets, wrote:
Bitcoin is now considered an investable asset. It has its own idiosyncratic risk, partly because it’s still relatively new and going through an adoption phase.
“And it doesn’t behave as one would intuitively expect relative to other assets given the analogy to digital gold; to date, it’s tended to be more aligned with risk-on assets,” he continued, elaborating:
Clients and beyond are largely treating it as a new asset class, which is notable — it’s not often that we get to witness the emergence of a new asset class.
In February, when Coinbase filed with the U.S. Securities and Exchange Commission (SEC) for a direct listing on Nasdaq, Goldman Sachs said that bitcoin was not yet an investable asset class.
The firm also initiated its coverage of the Coinbase stock (NASDAQ: COIN) on Monday with a buy rating and a price target of $306. Coinbase is currently trading at $227.88
The Goldman Sachs analyst also acknowledges in the research note that regulation of the crypto space poses a significant risk to further price appreciation. Nonetheless, McDermott said institutional clients remain keen on adding crypto exposure to their portfolios.
He further noted that now “discussions with institutional clients revolve around how they can learn more on the topic and get access to the space.” In contrast, a few years ago, institutions were asking about what bitcoin or cryptocurrencies were.
Goldman Sachs has been bullish about bitcoin lately. The bank formally established a cryptocurrency trading team earlier this month and said that institutional demand for crypto “continues to grow significantly.”
GameStop Hints at New NFT Project on Ethereum
GameStop is apparently working on an unannounced Ethereum-based NFT project, according to a recently launched landing page.
According to the page, GameStop is still in the process of hiring new employees for its non-fungible token (NFT) project.
“We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders,” the website stated. Last month, the company also announced that it sought a security analyst with crypto and NFTs experience.
Shares of GameStop (GME), which was having financial difficulties due to the pandemic, skyrocketed at the beginning of 2021, thanks to a coordinated effort from Reddit users. At the time, a short squeeze orchestrated by the WallStreetBets subreddit managed to bankrupt some Wall Street hedge funds and turned GME into a “meme stock.”
While it is currently unclear what the NFT project will be, the landing page contains a link to an Ethereum smart contract named “Gamestop” with the “Gamestop (GME)” tracker.
Notably, the contract supports both Ethereum’s ERC-20 (“regular” tokens) and ERC-721 (non-fungible tokens) standards. The contract was submitted for verification to Etherscan on May 25.
GameStop’s contract has received two NFTs so far—a card from blockchain game Gods Unchained and a “CryptoKitty” from the eponymous NFT platform. The transaction history also shows 40 incoming ETH transactions from various addresses. However, all of them failed due to insufficient gas.
The contract also holds $80 worth of hoge
finance (HOGE) tokens.
Interestingly, the landing page contained a hidden “Easter egg” in the form of a small white pixel on the top right corner. When visitors click the dot, an “endless runner” game opens, featuring what appears to be a black cat wearing a banana suit and a red bow tie.
To score more points, players needed to jump over various obstacles such as rocks, satellite dish facilities, and giant flying jellyfish.
It’s unclear if the game has anything to do with GameStop’s NFT ambitions.
GameStop is apparently working on an unannounced Ethereum-based NFT project, according to a recently launched landing page.
According to the page, GameStop is still in the process of hiring new employees for its non-fungible token (NFT) project.
“We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders,” the website stated. Last month, the company also announced that it sought a security analyst with crypto and NFTs experience.
Shares of GameStop (GME), which was having financial difficulties due to the pandemic, skyrocketed at the beginning of 2021, thanks to a coordinated effort from Reddit users. At the time, a short squeeze orchestrated by the WallStreetBets subreddit managed to bankrupt some Wall Street hedge funds and turned GME into a “meme stock.”
While it is currently unclear what the NFT project will be, the landing page contains a link to an Ethereum smart contract named “Gamestop” with the “Gamestop (GME)” tracker.
Notably, the contract supports both Ethereum’s ERC-20 (“regular” tokens) and ERC-721 (non-fungible tokens) standards. The contract was submitted for verification to Etherscan on May 25.
GameStop’s contract has received two NFTs so far—a card from blockchain game Gods Unchained and a “CryptoKitty” from the eponymous NFT platform. The transaction history also shows 40 incoming ETH transactions from various addresses. However, all of them failed due to insufficient gas.
The contract also holds $80 worth of hoge
finance (HOGE) tokens.
Interestingly, the landing page contained a hidden “Easter egg” in the form of a small white pixel on the top right corner. When visitors click the dot, an “endless runner” game opens, featuring what appears to be a black cat wearing a banana suit and a red bow tie.
To score more points, players needed to jump over various obstacles such as rocks, satellite dish facilities, and giant flying jellyfish.
It’s unclear if the game has anything to do with GameStop’s NFT ambitions.