Billionaire entrepreneur Elon Musk said on February 10 that he had bought Dogecoin – a cryptocurrency – for his newborn, further extending his support to digital currencies.
“Bought some dogecoin for lil X, so he can be a toddler hodler,” said the Tesla and SpaceX CEO on Twitter.
Bought some Dogecoin for lil X, so he can be a toddler hodler
— Elon Musk (@elonmusk) February 10, 2021
Musk’s tweet comes after Tesla revealed on Monday that it had bought bitcoins worth $1.5 billion and would soon accept it as a form of payment for cars, sending the cryptocurrency shooting higher.
The announcement, buried deep in Tesla’s 2020 annual report, drove a roughly 20 percent surge in the world’s most widely held cryptocurrency to over $47,000. At that price, 0.8 bitcoins was enough to buy an entry-level Tesla Model 3.
Musk’s tweets about certain companies and cryptocurrencies have sent their prices soaring in recent weeks. In fact, him putting a “#bitcoin” tag on his Twitter bio sent the most popular currency flying on January 29.
Dogecoin, is also among one of the many altcoins. Altcoins is an umbrella term for digital currencies other than the bitcoin, the most well known and popular cryptocurrency.
According to The New York Times, the altcoin Dogecoin was created by Jackson Palmer in 2013. He built his own satirical mash-up cryptocurrency that combined bitcoin with the Doge meme he’d seen on social media.