Elon Musk on SNL Spurs Dogecoin Watch Parties After 20,000% Gains

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • California Heatwave Brings Triple-Digit Temperatures, Threatens Blackouts
  • Biden: U.S. Heading Into ‘Summer of Joy’ But Cases Rising in Some States
  • Biden Hails 300 Million Vaccine Doses Administered in First 150 Days in Office
  • Bloomberg Quicktake: Now published this video item, entitled “Elon Musk on SNL Spurs Dogecoin Watch Parties After 20,000% Gains” – below is their description.

    They’ll be setting up taco bars, monitoring price movements on dedicated screens and taking a drink every time someone says “doge.”

    Dogecoin traders around the world are organizing watch parties for Elon Musk’s appearance this weekend on “Saturday Night Live,” with their apps open in case the Tesla Inc. chief and crypto booster’s comments move prices.

    “A lot of this depends on what Elon Musk does, what he says,” said Alma Cortez, 28, of Fresno, California. “Everyone is going to be on their phones, but at the same time trying to pay attention to see what’s moving, because you don’t want to lose.”

    She will have a taco bar, music and a bartender on hand at her house for a group of about 10 friends watching Musk’s performance.

    Cortez’s enthusiasm is part of the mania over Dogecoin, which has emerged from its genesis as a cryptocurrency that was coded on a whim to delivering astonishing profits for some traders.

    Consider the case of Ramy Bekhiet, a 27-year-old engineer from Ewing, New Jersey. Last year, he plonked down about $750 to buy 250,000 Dogecoins when it was trading at $0.003 — that’s not a typo. Yes, a fraction of a cent. As of Friday afternoon, the cryptocurrency was trading at about 61 cents per coin, making Bekhiet’s investment worth about $152,500.

    Prices have soared an astounding 10,626% this year and about 26,500% since a low last July. The fact that Dogecoin traded at fractions of a penny was part of its appeal, making it seem fun, approachable and cheap — attracting fans ranging from ordinary investors to celebrities.

    Bloomberg Quicktake: Now YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: Cryptocurrency

    A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.

    Bitcoin is the first decentralized cryptocurrency. Since the release of bitcoin, other cryptocurrencies have been created.

    4 Recent Items: Cryptocurrency

  • NASCAR driver Landon Cassill on getting paid in cryptocurrency
  • Coinbase Co-founder Fred Ehrsam
  • Tether is the third largest crypto in the world — What to know
  • Goldman ramps up bitcoin trading — What it means for Wall Street and crypto
  • In This Story: Elon Musk

    Elon Reeve Musk FRS is a business magnate, industrial designer, engineer, and philanthropist. He is the founder, CEO, CTO and chief designer of SpaceX; early investor, CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-founder of Neuralink; and co-founder and initial co-chairman of OpenAI.

    5 Recent Items: Elon Musk

  • Elon Musk: CO2 saint or sinner? | FT Film
  • SEC Wants to Provide Clarity Around Cryptocurrency
  • SpaceX Launches Military Satellite, Lands Rocket on Drone Ship
  • SpaceX Launches Military Satellite, Lands Rocket on Drone Ship
  • SpaceX Takes Military Satellite to Orbit for First Time
  • Leave a Comment