“Technoking” and “Master of Coin” – Elon Musk and Crypto

Elon Musk continues to do the show

In an official document, Tesla announced the change of title of Elon Musk and its CFO to “Technoking of Tesla” and “Master of Coin.” Form 8-K was shared with shareholders and the U.S. Securities and Exchange Commission.

It is not clear whether the “Master of Coin” title is a reference to Tesla’s $1.5 billion acquisition of Bitcoin (BTC) in February 2021. It also seems to be a nod to a character from the Game of Thrones series, where the Master of Coin is responsible for the royal treasury and advises the monarch on financial matters.

In recent days, the famous entrepreneur has multiplied his Twitter interventions about Bitcoin and Dogecoin (DOGE) by revealing, for example, that he was planning to buy a Shiba Inu dog, emblem of the famous crypto meme.

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The CEO of SpaceX and Tesla has again started tweeting about Dogecoin and this time he hoped that this could be listed on Coinbase as soon as possible.

Coinbase, in fact, is among the most used and well-known exchanges in the world. Despite this, it lists only few cryptocurrencies if you compare to other platforms such as Binance. And in fact, among the unlisted cryptocurrencies there is dogecoin.

For this reason, when a user asked if Coinbase should proceed to list Dogecoin in order to facilitate access to this cryptocurrency, Elon Musk responded immediately and without any doubt yes.

At the moment, however, Dogecoin is not part of the Coinbase basket and there is nothing to suggest that there may soon be an official listing of this cryptocurrency.

Elon Musk after tweeting and responding to users on Dogecoin, led to a surge in the price of cryptocurrency. In fact, the Dogecoin saw its price soar again, which came in at 0.06 cents. of dollars.

However, Elon Musk, now increasingly interested in this sector, would also have managed to bring up in a dizzying way another cryptocurrency: SHIB Shiba Inu. This cryptocurrency is available on very few decentralized exchanges including Ox Protocol and Uniswap. Recently launched the cryptocurrency is worth $0.00000009, but saw 300% growth when Elon Musk wrote in a tweet that he wanted to buy the cryptocurrency.

Still, most likely Tesla’s CEO was not referring to Shiba Inu the cryptocurrency, but to dogecoin’s symbol dog which is just a Shiba Inu breed dog. In any case, this shows how Elon Musk is able to move markets. 

Tesla makes more money with BTC than selling cars

We are not aware of the exact date of Tesla’s bitcoin acquisitions. But according to the Bitcoin Treasuries website, the U.S. company holds 48,000 BTC in its balance sheet.

This would mean that an initial investment of $1.5 billion would result in an average acquisition price of approximately $32,000 per BTC. At the current price of $57,000, Tesla’s investment is worth about $2.73 billion, or a profit of $1.22 billion.

Founded in 2003, Tesla had never had a profitable year until last year. The electric car maker posted revenue of $31.5 billion for a profit of $721 million in 2020.

Thus, Tesla made more money with its acquisition of Bitcoin than in its first year in profitability . We may have a greater understanding of the change of name from the CFO to Master of Coin.

More and more stars board the DOGE train

Dogecoin boasts a peculiarity of no small value, compared to other cryptocurrencies perhaps more considered, that is, an enthusiastic following. The Shiba Inu dog-inspired meme coin community from the start has proven to be extremely responsive and ready to move in unison to make its support felt to the token development team. A community where not only a longtime adept like Elon Musk, the founder and CEO of Tesla, stands out, but also many VIPs who have only discovered Dogecoin lately. Such as Kiss bassist Gene Simmons, or Mia Khalifa.In this increasingly varied and large group, however, the world of sport stands out. Which continues to highlight a remarkable satisfaction towards an increasingly fashionable project.

Sport and Dogecoin, an ever closer combination

It is news a few days ago that Dogecoin has been included in the payment methods of the Dallas Mavericks, the Texans of the National Basketball Association (NBA) in which slovenian Luka Doncic, one of the strongest players on the globe, plays. A decision explained by Mark Cuban, the billionaire owner of the team, with the fact that the token is now a phenomenon of costume.
The Mavericks, however, represent only Dogecoin’s last conquest in the diverse world of international sport. Just think of the Vegas Golden Knight of the NHL, the most famous ice hockey league, first in their division, who just on March 3 tweeted very clearly:

“Doge Coin”

In practice, these are the latest arrivals in an increasingly vast group. For some time now, in fact, the meme coin had become known, for some initiatives that strengthened its fame in the sports world, when the creation of Jackson Palmer and Billy Markus had not yet reached current fame.

Previous: Jamaica’s two-way bobsleigh

Already on other occasions, in fact, Dogecoin and the world of sport had seen their respective trajectories intersect. For example, in 2014 , when the Jamaican two-way bobsleigh team had disclosed the problems related to the lack of funds that would allow it to participate in the Winter Olympics. When the team’s pilot, Winston Watts, asked for financial help, the Dogecoin community responded enthusiastically. Starting with the Dogecoin Foundation, a charity that has since disappeared. She had donated $30,000 in tokens, allowing Jamaica to participate in the Winter Olympics and happily close in on the 27th and penultimate place in the rankings.

Dogecoin and NASCAR

The world of motoring has also featured Dogecoin. In particular, fans of the meme coin have been noted for the funding in favor of John Wise, a driver of the NASCAR circuit (National Association for Stock Car Auto Racing), equal to 55 thousand dollars in digital assets. His car, Dogecoin Digital Currency/Reddit.com, participated in some races, again without any particular results, before disappearing from circulation.However, she will soon be replaced by the one piloted by Stefan Parsons, who will carry doge insignia during the Alsco Uniforms 300 in Las Vegas. Car that, ironically, belongs to Sean Taylor, CEO of car suspension company Springrates. That is to say the son of the owner of the car driven by Wise in 2014. Who didn’t even know about the circumstance.

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