Technology

Is Dogecoin the new Bitcoin?

Things change. Nothing is permanent. It is no surprise to anyone that the new wants to replace the old. Each generation always seeks to impose its values ​​on the other generations. Namely, young people rarely go to their elders for advice. The older ones often resist the reforms proposed by the younger ones. The voice of experience is usually contrary to innovation. Is Bitcoin’s days numbered?

For a long time, people relied on tradition as a point of orientation. That is, wisdom was in the past. In the old. The young man’s function was simply to obey his elders. If you listened to the advice of the elders, you would surely do very well in life. However, that was valid in a world where the life of the grandparents was quite similar to the life that their grandchildren would have. With the arrival of Capitalism and the Industrial Revolution, time began to process. Suddenly the past, the present and the future were totally different things. Consequently, the tensions between the generations became much more intense.

Can the grandfather’s mind be the same as his grandson’s mind, having such different childhoods? Differences are the source of tension. Let’s think for a moment about Elon Musk and Warren Buffett. Of course they are two very different people. The admiration felt or not felt by any of these people could surely be determined by the age and political position of the individual in question.

For example, a young libertarian might have a lot of admiration for Elon Musk. The CEO of Tesla and SpaceX is particularly popular with rebellious millennials, because he is a billionaire/influencer/superhero of sorts. So he is a member of the tribe by age, style and values. Musk has built his image around the myth of Tony Stark. The secret is irreverence. That is the source of Elon Musk’s charisma.

Warren Buffett is an old man from another era. He is admired for his prudence, constancy, patience and frugality. He is interesting for being so different from the stereotypical Wall Street investor. Uncle Warren is a friendly, talkative grandpa with working-class tastes. He is not very given to the latest technologies. He doesn’t date celebrities. He does not use marijuana in public. He very conservative in many ways. Obtuse in many others. His charisma is from another era. Finally, it could be said that the group that admires Warren Buffett is not the same as the group that admires Elon Musk.

Now, I’m afraid that in this case Elon Musk has the upper hand. It is not a question of being right or wrong. It is not about having superior values. It’s a matter of numbers. Millennials are many and they are growing in age and resources. Meanwhile, the generations closest to the values ​​of Warren Buffett are dying. As simple as that. Elon Musk has understood this perfectly. Warren Buffett once bought newspapers and television networks. Bill Gates, too, made a couple of similar purchases. Just like Jeff Bezos. Elon Musk bought Twitter. Musk understands this generation perfectly. He can’t talk about money. You may not appear to be part of the elite. You must look like a man of the people fighting for noble causes.

Now, Dogecoin is Elon Musk’s pet. And we could assume that he will use all his resources to promote the project. Therefore, the followers of Elon Musk will surely come to think that investing in said currency will be a great business. Anyway, You might think that Musk’s purchase of Twitter is a big win for Dogecoin. It is very possible that a big announcement is coming out there. I don’t know. But Dogecoin has definitely moved up a notch due to his godfather’s newfound powers.

It would be going too far to think that Dogecoin is the new Bitcoin. These are very different communities in configuration and philosophy. Bitcoin does not have a savior. Which is very good. While it is true that Bitcoin has many fairly conservative libertarians and anarcho-capitalists in its ranks, it is also true that the community today is much more diverse and heterogeneous.. I mean, there is everything. On the other hand, one could say that there is more commitment in Bitcoin. Because it is a more consolidated project.

Dogecoin is, for better or worse, in the hands of Elon Musk. The project is at your mercy. And it largely depends on the speculative rush of the most ambitious retailers. That means instability, volatility and risk. However, it also means opportunity. At any time, its price can skyrocket. All it takes is a tweet from Musk giving the signal. Or an adoption announcement by Twitter. I don’t know. Anything can happen with Dogecoin.

In the complex world of finance, feelings and numbers are often more important than sanity or reason. I mean, it doesn’t matter if Elon Musk is a good or evil genius. The relevant thing is that he has people who support him unconditionally. The subjective trumps the objective. The mere fact that people think Elon Musk is a genius allows him to do things that only a genius could do. He writes that Dogecoin has a future. Suddenly, his followers buy Dogecoin. So, now it turns out that the price of Dogecoin goes up drastically. Consequently, Musk’s reputation for genius is increased due to his alleged clairvoyance. After all, he had said that Dogecoin would have a future. Genius!

Rebellion sells. There is much discontent and mistrust in the world today. So, an irreverent billionaire entertains us. And we fall into the illusion of believing that he is one of us. Elon Musk is presented as someone who has everything to be a hero. He is smart, capable, funny, human and rebellious. Apparently he is one of us fighting for the good of humanity. That is, he is not a billionaire like Bill Gates, George Soros, Warren Buffett, Jeff Bezos or Mark Zuckerberg. Musk is a savior. That narrative is extremely powerful. Therefore, it is very lucrative. Politicians win election because of that narrative. Entrepreneurs make a lot of money with this narrative. He is the goose that lays the golden eggs. Is Dogecoin the new Bitcoin? No I dont think so. But Dogecoin is stronger, because its godfather is stronger today.

Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

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