The word crypto is enough for some people to keep scrolling. And specifically Dogecoin, the cryptocurrency “started as a joke.” How do you even say Doge? Is it doggie, doe-gie, or dohj? What is that silly Shiba Inu dog? Why are there memes everywhere?Words like altcoin, blockchain, mining, digital tokens, hash rates – are all unfamiliar. We write crypto off quickly. It sounds so foreign, it must be a gimmick. It can’t possibly be serious investing. Why would we waste time with that?
Why We Missed the Crypto Boom of the Last Decade: Limiting Beliefs
It’s easy to say we’re being practical. All these rationalizations for dismissing something new are at their core, limiting beliefs. Looking at history, limiting beliefs can be a source of huge regret.
NY Times writer Kevin Roose wrote about his limiting beliefs about cryptocurrency in December 2017, in an article titled “I Was Wrong About Bitcoin. Here’s Why.” He shares the story of buying a single bitcoin in 2013, which at the time required him to go to CVS and send $140 via Moneygram. That alone is enough for some people to shake their heads and say “not for me.”
But Kevin, even though he knew it was “entirely irrational” pushed past his reservations and got his bitcoin. Unimpressed, or perhaps impatient, he decided to sell it a week later at a loss, even writing about it several months later for NY Magazine in an article titled The Doomsday Cult of Bitcoin. It is laced with classic skepticism and dismissal.
In December 2013, eight months after Kevin’s toe-dip and quick exit from Bitcoin, Dogecoin was born. The child of software engineers Billy Markus and Jackson Palmer – two guys from IBM and Adobe who were doing just fine when they decided to do something for fun. In 2021, it still even makes CNBC headlines as “cryptocurrency started as a joke.” Having made history on January 28, 2021, it certainly isn’t a joke anymore. A market value of $6 billion isn’t a joke, a meme, or a parody.
One Word: Doge
Elon Musk recently took Jeff Bezos’ spot as the worlds richest man. He is a firm supporter of Dogecoin. What does that mean for Dogecoin? Will it really go “To the Moon?” Only time will tell what the future holds in store.
Some in the Reddit community are predicting “February 4th will be a glorious day for Doge.” Whether or not that happens, here’s what’s good about cryptocurrency in 2021. You don’t have to let skepticism hold you back – and you don’t need to wire Moneygrams to anonymous strangers. Dogecoin can be easily acquired on Robinhood, Coinbase, and Binance.
Maybe it’s all the memes and emojis. Maybe it’s the wild possibility, or the wild card of unpredictable Elon, or just the love of investing. No matter what happens, the limiting beliefs and skepticism are far behind. We are here to see what happens to Billy and Jackson’s ” joke cryptocurrency.” Are you? #tothemoon