Co-founder of Dogecoin, Billy Markus, has sparked an interesting debate over whether or not the memecoin could be a national reserve asset. As words went around regarding US President-elect Donald Trump’s plans to add Bitcoin to the nation’s reserve, Markus tweeted: “Why not national Dogecoin reserve tho,” again drawing attention to the coin.
The tweet captures the growing image of Dogecoin, which started as a funny joke that is now a very serious digital asset with a $52 billion market cap.
Crypto’s Appeal
Trump openly advocated for the idea of holding Bitcoin as a strategic reserve asset. To that effect, at the recent Nashville Bitcoin Conference, he compared Bitcoin to gold, urging the government to hold the assets and not sell them.
why not national dogecoin reserve tho https://t.co/jRh0b3rG7j
— Shibetoshi Nakamoto (@BillyM2k) November 15, 2024
This effort is gathering pace through legislation championed by Senator Cynthia Lummis, an ardent proponent of cryptocurrencies. Bitcoin’s market capitalization stands at a commanding $1.8 trillion and is indeed one of the largest assets in the world, making it the centerpiece of these discussions.
Dogecoin Journey: From Joke To Utility
The iconic crypto that started out as a joke, Dogecoin has evolved to become more than just a meme. “The people’s crypto,” has gained millions of followers who widely support it, including Tesla’s CEO, Elon Musk. His public endorsements tend to drive prices skyrocketing and have further cemented its role as an acceptable medium of payment.
For example, Tesla now accepts DOGE for some of its merchandise. This would make the coin practical for real applications.
Interestingly, the Trump administration’s Department of Government Efficiency (D.O.G.E.) unintentionally gave Dogecoin center stage. While Bitcoin remains a serious investment, the humor surrounding DOGE not to mention its rising popularity make it an extremely interesting alternative, and Markus’s call for the memecoin to be considered part of the national reserves underlines the growing legitimacy within the crypto sphere.
Dogecoin’s Role In Shaping Financial Systems
Thought it might be too good to be true, the fact that Dogecoin can rapidly rise shows that this coin has the power to transform. In this sense, it is a trend seeing governments of various countries gradually embrace cryptocurrencies into their financial systems today.
While Bitcoin leads the pack and enjoys being more stable through dominance, Dogecoin can never be outdone for community power alone and simplicity of access.
From a meme-born origin to an asset worth over $50 billion, Dogecoin is a story of resilience and adaptability. Be it or not a national reserve asset, the effects of Dogecoin on cryptocurrency and finance are unmistakable. Markus’s proposal reminds us that sometimes ideas may seem completely absurd but may become something that lasts a long time.
Featured image from Alamy/Getty Images, chart from TradingView
