KEY POINTS

  • Elon Musk says Dogecoin has a chance to be the world currency
  • The billionaire has tweeted about the meme cryptocurrency multiple times since Jan. 29
  • Dogecoin's supply is infinite, but that did not stop people from investing in it

Tesla and SpaceX CEO Elon Musk thinks crypto could be the future but his choice of token might not be Bitcoin, the dominant cryptocurrency. 

In what appears to be an ambush interview, the billionaire said cryptocurrency has a chance to become the "future currency." The most ironic outcome would be that the cryptocurrency that was created as a "joke" actually could become a real currency, he said in the recent interview. Musk was referring to Dogecoin, the "meme" cryptocurrency invented in 2013. 

Dogecoin's supply is infinite, but that did not stop investors from investing in it. After the r/WallStreetBets and GameStop saga, many investors began to look at potential "wins" in cryptocurrency. Dogecoin became a likely target because of its low value. 

Dogecoin began to significantly increase in value on Jan. 28 and proceeded to go up by 975% at the end of the next day. 

Within the next few days, Elon Musk tweeted about Dogecoin, influencing its price increase numerous times. During a chat on Clubhouse last week, Elon Musk said Dogecoin becoming "the cryptocurrency" will be the most entertaining outcome of the GameStop fiasco.

While other celebrities have also started promoting Dogecoin, it's apparent that Musk is the one moving the markets. In a recent report, Blockchain Research Lab said there were significant increases in trading volume whenever Elon Musk tweeted about a certain cryptocurrency, Cointelegraph reported.

This also happened with Bitcoin. When the billionaire recently changed his Twitter bio to "Bitcoin," the market immediately responded, with Bitcoin's value increasing from $32,000 to $38,000 within an hour. 

Some investors are worried, given that the CEO had a turbulent relationship with the Securities and Exchange Commission (SEC). When Musk's tweeted about his plans to take Tesla private, the agency sued him with fraud charges. Musk had to settle the lawsuit at the time and had to pay financial penalties. 

But during an interview with CBS News' "60 Minutes," when he was asked whether his tweets will be censored, the billionaire said no.

Elon Musk is the founder of SpaceX and Tesla Elon Musk, founder of SpaceX and Tesla, is pictured here. Photo: POOL / Britta Pedersen