Forget one Bitcoin reserve – how about a Dogecoin a government hideout?
It was the brainchild of former cryptocurrency founder Billy Markus, who started the idea on Twitter (aka X).
“Why not a national Dogecoin reserve (sic),” he wrote on the platform on Friday.
Markus was responding to an article from prediction market Kalshi that said punters saw a growing chance that President-elect Donald Trump would create a strategic Bitcoin reserve.
Trump before said that when in power he would let the US government buy Bitcoin as a reserve asset. The United States already has assets like land, Treasury bonds, and gold in its reserves.
Republican Sen. Cynthia Lummis of Wyoming exclusively radius has Decrypt this month on how such a plan would work.
As Bitcoin gains momentum, launching such an idea is not as crazy as it seems. With a market capitalization of $1.8 trillion, the orange coin is Currently the world’s seventh-largest asset, having overtaken silver and Saudi Arabia’s oil and gas company, Saudi Aramco, this month.
Dogecoin (DOGE)on the other hand, is the sixth largest cryptocurrency and has a market capitalization of only $55 billion. The piece was created as a joke and is base on a popular internet meme depicting a Shiba Inu dog.
Yet it gained momentum in 2020-2021 after Tesla CEO and future US government employee Elon Musk constantly talked about how much he loved the virtual coin. The tech entrepreneur and richest man in the world also (apparently) seriously speak on how the asset could be used for payments.
And Wall Street analysts said Decrypt that it may not be long before the asset becomes available to traditional investors via an exchange-traded fund (ETF). Meanwhile, crypto analysts also said Decrypt that DOGE could easily break its historic price record from 2021, with plenty of room to maneuver.
Things suddenly get very serious with the main coin. But until a strategic Bitcoin reserve actually becomes a reality, the notion of a Dogecoin reserve will likely remain little more than a fun idea. However, stranger things have happened in crypto.
Edited by Andrew Hayward
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