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Could Dogecoin and Bitcoin be getting an extra push?

Bitcoin and Dogecoin have benefitted from the backing of several companies and popular individuals. But there are rumours of more to come.
The post Could Dogecoin and Bitcoin be getting an extra push? appeared first on The Motley Fool Australia. –

bitcoin represented by gold coin with letter b sitting atop circuit board

It’s no secret that the last 6 to 12 months has seen cryptocurrency experience a massive resurgence. Considered to be dead after the bubble burst in December 2017, Bitcoin (CRYPTO: BTC) and its ragtag group of lesser-known crypto siblings have been sailing to unimaginable new heights, particularly the light-hearted Dogecoin (CRYPTO: DOGE).

These speculative assets have been given lifesaving breathes of oxygen from a few different catalysts. But even more are rumoured yet to come.

Dogecoin’s extra puff

For Bitcoin, many attribute the meteoric rise in its price to institutional investments. Such an example is Grayscale and its Bitcoin Trust, which now holds over $36 billion of assets under management.

However, some momentum is undeniably from the endorsement received by high-net-worth individuals, and the companies they operate. Dogecoin is a prime example of this. The cryptocurrency originally derived from a “fork” in Bitcoin was developed in jest.

Nevertheless, Tesla Inc (NASDAQ: TSLA) techno king Elon Musk has expressed a fondness for the furry-friend-branded currency. Musk has tweeted and commented on the potential for Dogecoin standard on numerous occasions. This has seen the currency skyrocket 660% in the last month alone.

Although, following Musk’s eccentric appearance on Saturday Night Live, Dogecoin sank by more than 30%. But the self-proclaimed “Dogefather” is not giving up on the digital currency that easily.

Musk is now planning to launch a Falcon 9 SpaceX rocket, known as “DOGE-1 Mission to the Moon”, in the first quarter of 2022. The space company will accept Dogecoin as full payment for the lunar payload.

SpaceX launching satellite Doge-1 to the moon next year

– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space

To the mooooonnn!!https://t.co/xXfjGZVeUW

— Elon Musk (@elonmusk) May 9, 2021

SpaceX Vice President of commercial sales Tom Ochinero said, “DOGE-1 will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”

Further Bitcoin rumours

Turning to the OG of cryptocurrencies, after gaining a spot on the balance sheet of several notable US-listed companies, Bitcoin might find itself being added to a couple more.

Facebook Inc (NASDAQ: FB) is the latest company being speculated over. The Bitcoin community is speculating over whether Facebook may add Bitcoin to its balance sheet, after CEO and founder, Mark Zuckerberg posted a picture of his goats – named “Max” and “Bitcoin”. However, at this stage, it is purely speculative.

Additionally, big data analytics company Palantir Technologies Inc (NYSE: PLTR) has stated it’s open to adding the cryptocurrency to its balance sheet. The US$37 billion tech company now accepts Bitcoin for payments. But on its first-quarter earnings call last night, chief financial officer David Glazer made the following comment after being asked whether it would hold it on the balance sheet:

The short answer is yes, we’re thinking about it, and we’ve even discussed it internally. Take a look at our balance sheet, $2.3 billion in cash at quarter-end, including $151 million in adjusted free cash flow in Q1. So, it’s definitely on the table from a treasury perspective, as well as other investments, as we look across our business and beyond.

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More reading

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Mitchell Lawler owns shares of Bitcoin, Dogecoin, Facebook, Palantir Technologies Inc., and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Bitcoin, Facebook, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Palantir Technologies Inc. The Motley Fool Australia has recommended Facebook. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Could Dogecoin and Bitcoin be getting an extra push? appeared first on The Motley Fool Australia.

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