Cryptocurrency

Dogecoin

Dogelon Mars

Mars

<div class="finbold"> 
 <p class="paragraph">It is known that Elon Musk, CEO of Tesla Inc. (NASDAQ: TSLA), is an enthusiast of Dogecoin (DOGE). This enthusiasm could have been turned into profit for his largest company and shareholders if some decisions were made differently in 2021.</p> 
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 <p class="paragraph">In February 2021 Tesla <a rel="noopener noreferrer nofollow" title="bought" href="https://thebittimes.com/tag/bought.html">bought</a> $1.5 billion in Bitcoin (BTC), registered in a SEC filing. Estimates suggest that the company accrued around 43,860 BTC for an average price of $34,200 each, which would be worth approximately $1.17 billion at the time of publication, for a 21% of unrealized losses, considering Bitcoin price at $26,800.</p> 
 <p class="paragraph">With the bear market showing its claws, Musk’s company reported selling 75% of its Bitcoin holdings in 2022 Q2 for $936 million. Estimates believe 33,135 BTC were sold for an average price of $28,248 each, for realized losses of 17.4% from the original purchase.</p> 
 <p class="paragraph">Right now, Tesla Inc. is sitting in a left stash of around 10,725 BTC according to the website <em>BuyBitcoinWorldwide.org</em>, worth $287.43 million, by press time prices of the leading cryptocurrency.</p> 
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 <p class="paragraph">However, considering Dogecoin’s performance against Bitcoin since early 2021, the company’s investment results would have been positively different if it had <a rel="noopener noreferrer nofollow" title="bought" href="https://thebittimes.com/tag/bought.html">bought</a> Elon Musk’s favorite cryptocurrency — the leading memecoin by market capitalization and popularity.</p> 
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  <img decoding="async" loading="lazy" width="1024" height="662" src="https://cdn.thebittimes.com/images/2023/09/21/e81d5b2c27317e543660dc09b4700302.webp" alt="DOGE/USDT vs. BTC/USD chart since January 2021.
" class="wp-image-129393" srcset="https://cdn.thebittimes.com/images/2023/09/21/e81d5b2c27317e543660dc09b4700302.webp 1024w, https://cdn.thebittimes.com/images/2023/09/21/e81d5b2c27317e543660dc09b4700302.webp 300w, https://cdn.thebittimes.com/images/2023/09/21/e81d5b2c27317e543660dc09b4700302.webp 768w, https://cdn.thebittimes.com/images/2023/09/21/e81d5b2c27317e543660dc09b4700302.webp 1536w, https://cdn.thebittimes.com/images/2023/09/21/e81d5b2c27317e543660dc09b4700302.webp 1876w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    DOGE/USDT vs. BTC/USD chart since January 2021. Source: <em>TradingView</em> 
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 <h2 class="wp-block-heading" id="h-what-would-be-tesla-s-crypto-holdings-and-results-with-dogecoin">What would be Tesla’s crypto holdings and results with Dogecoin?</h2> 
 <p class="paragraph">From the same point where Bitcoin lost 19.29% in price until September 21, 2023, Dogecoin registered an increase of 66.57%. In this context, <strong>Finbold</strong> has drawn a hypothetical scenario, simulating Tesla’s crypto tradings with DOGE instead of BTC.</p> 
 <p class="paragraph">Interestingly, considering the above price performance chart, the strategic sell-off in 2022 Q2 would have resulted in realized gains between 100% and 200%, hypothetically worth around $2.8 billion, from the correspondent amount of 75% that was sold from the first $1.5 billion purchase.</p> 
 <p class="paragraph">Considering the 66.57% price appreciation registered in the chart, the 25% of the left stash would be worth Tesla around $620 million in DOGE, instead of $287.43 million in BTC.</p> 
 <p class="paragraph">Notably, this simulation did not consider important nuances, such as the cryptocurrency liquidity and availability in 2021. It is highly likely that Tesla would not have been able to buy $1.5 billion in Dogecoin without causing a massive surge in price with their purchase alone.</p> 
 <p class="paragraph"><strong>Finbold</strong> has kept the original values in dollars for an easier comparison of price performance among two different digital assets in the crypto market, for readers’ entertainment only.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/musk-s-doge-dream-what-if-tesla-bought-dogecoin-instead-of-bitcoin-tbt63532.html">https://thebittimes.com/musk-s-doge-dream-what-if-tesla-bought-dogecoin-instead-of-bitcoin-tbt63532.html</a></p>

Musk’s DOGE dream: What if Tesla bought Dogecoin instead of Bitcoin?

Mục lục

TheBitTimes

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