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Dogecoin jumps after Elon Musk says he'll accept it for some merchandise

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CNBC’s Kate Rooney joins Closing Bell to report on what’s behind Dogecoin’s jump today, and what’s going on with Robinhood stock after the company acquired Cove Markets in an effort to build out its crypto team. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi



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Elon Musk, CEO of Tesla and SpaceX, has consistently supported dogecoin, a meme-inspired cryptocurrency. He’s invested in it, along with bitcoin and ether, he said in October.

But to Musk, dogecoin has an advantage over bitcoin and other cryptocurrencies: He sees dogecoin as the best cryptocurrency to transact with.

“Fundamentally, bitcoin is not a good substitute for transactional currency,” Musk told Time Magazine after being named Time’s 2021 Person of the Year. “Even though it was created as a silly joke, dogecoin is better suited for transactions.”

″[T]he transaction volume of bitcoin is low, and the cost per transaction is high,” he said. Musk added that bitcoin is more suitable as a store of value, which is why its investors want to hold onto it and not sell it or use it for transactions.

Dogecoin, on the other hand, is a currency that “encourages people to spend, rather than sort of hoard as a store of value,” he said.

However, while bitcoin supporters would agree that the asset is a store of value, they’d also argue that it’s designed to be a sound peer-to-peer financial system and could be used for transactions, citing situations like El Salvador making bitcoin legal tender.

And although Musk is clearly bullish on cryptocurrency, he doubts that it will replace fiat. “I’m not a huge hater of fiat currency like many in the crypto ­world are,” Musk told Time.

But, according to Musk, “there are advantages with crypto relative to fiat, in that fiat currency tends to get diluted by whatever government it is. It ends up being a pernicious tax on people, especially those who have cash savings with dilution of the money supply.”

Nonetheless, financial experts view cryptocurrency as a volatile, risky and speculative investment. In turn, it’s recommended to only invest what you can afford to lose.

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G kilsetup
G kilsetup
1 month ago

Jumps to what?

Mr. Pisces The Cryptic Fish
Mr. Pisces The Cryptic Fish
1 month ago

DogeCoin Music – Much WOW https://youtu.be/axEG7zhfGS4

Benson
Benson
1 month ago

Watch what happens to doge after robinhood completes crypto wallets at beginning of next year.👨‍🚀

Spots Corner
Spots Corner
1 month ago

Free Alexei Navaln

Day that Fallows
Day that Fallows
1 month ago

That is just manipulation of the coin market.

Vacation & Fun
Vacation & Fun
1 month ago

And now they are down again big whoop

Vacation & Fun
Vacation & Fun
1 month ago

Now I can buy those floor mats

Lucky Nr7
Lucky Nr7
1 month ago

Soon Tesla will accept BSV…

jose Hernandez
jose Hernandez
1 month ago

Good boi pupper coin

Mamadou Kane Diallo
Mamadou Kane Diallo
1 month ago

LFG 🚀🔥

GoneViral
GoneViral
1 month ago

Dogecoin to the moon. Better than fed reserve Ponzi scheme 😂😆😆😆

JerseyBro Crypto
JerseyBro Crypto
1 month ago

He did this because he feels he owes it to us for buying up doge and now we are holding the bag

Russia Will be free
Russia Will be free
1 month ago

Dogecoin will cost 1$ in 2022.

Omnik Koper
Omnik Koper
1 month ago

Why does Elon Musk love this token so much? did he create it or what? Maybe you should still buy a couple of such tokens to your BFX wallet?

Onyeka Onyebuchukwu
Onyeka Onyebuchukwu
1 month ago

Please Dogecoin is dead in the water. Making a big deal about an irrelevant jump in Doge after it took a 35% nose dive early this week….is the height of stupidity. The Elon Inspired jump did not even get it to the 0.2 it was on this week before the nose dive to 0.1

It's over. My Robin hood wallet for doge is -12k at the moment

FunnyFurFamily
FunnyFurFamily
1 month ago

Dogecoin to the moooon!!!

Krisztián Valaska
Krisztián Valaska
1 month ago

Elon Musk is a very smart player.

The Electric Man
The Electric Man
1 month ago

buy some crypto on the dip

drusha1
drusha1
1 month ago

scam artist.

MyVSA
MyVSA
1 month ago

let's name it Eloncoin or Teslacoin…. in tweet we trust

Raj Kumar
Raj Kumar
1 month ago

doge will be 0.01325₹ upto April 2022,exit as soon as possible otherwise u will loose ur all money, Elon musk ko spaceX ke liye fund ki jarurat thi, agar bina news sell krta to doge kaafi down ho jaata isliye news ke sahare apna maal becha h usne

Crypto Zeus
Crypto Zeus
1 month ago

Wow

King Storm718
King Storm718
1 month ago

One day i may buy a tesla.

Om Pujara
Om Pujara
1 month ago

Common guys , purchase it….

Dim M
Dim M
1 month ago

When a crypto parody coin is doing better than the rest, you realize that all cryptos are a joke

Rosenie Auguste
Rosenie Auguste
1 month ago

Yes go dogecoin!