Dogecoin, created as a “joke” in 2013, has soared since January to become one of the world’s most valuable cryptocurrencies, sporting a market capitalization of around $37 billion.
“I think that when you look at what happened on Gamestop, the only surprising thing was that it wasn’t a cryptocurrency, because that pattern happens all the time in crypto, it’s not unusual,” said Bankman-Fried.
Meanwhile, Elon Musk, the Tesla and SpaceX chief executive, has played an outsized role in helping dogecoin reach its current sky-high valuation.
“Everyone kind of knew he’d choose dogecoin.
I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself.