The simple answer to the question is Doge a good investment is no. Simply because it’s not an investment, it’s gambling. Let’s discuss why.
10 Rationalizations For Not Investing In Doge:
- It’s almost unanimous amongst cryptocurrency experts, authorities, and people in the space that this isn’t an investment, it’s gambling.
- Elon musk is having fun with it, he doesn’t say that he owns it or that you should own it. What he DOES is invest in Bitcoin and bitcoin infrastructure and accepts bitcoin at Tesla, vowing to keep it in BTC and offers payment options to employees in BTC.
- The one thing he has said that matters is “If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”
- It cannot compete with digital cash options like Dash or Bitcoin Cash – people specifically compare it to coins like Bitcoin which I believe are not meant for digital cash.
- Many places that accept crypto do not accept Doge, but do accept BCH, ETH, BTC, LTC, and DASH.
- While you can withdraw Doge from many crypto ATMs, it isn’t as widely accepted as coins like BTC or LTC and those ATMs that do accept it are more scarce. *I slightly messed this one up in the video*
- There are little to no applications built on Doge, or at least no notable dapps.
- Doge is a joke, it’s a meme, it will not be institutional. As such, we will not see banks open ETFs for it.
- People say Doge is for normies because it’s cheap and has pop culture around it – This is kind of a silly argument currently as when I talk to people who don’t know about crypto, the only thing they may know is Bitcoin and even still they say “but it has nothing backing it, it’s not real money” – Those people are not than looking at Doge which is literally a meme and saying, oh well that’s legit.
- Doge and other sh*tcoins use the same advertising and messaging as scams, success courses, and sketchy things like forex trading.
- It was reported that 12 addresses own around 49% of all the DOGE in existence.
One important point I forgot to mention was that it’s rapidly inflating so you can not compare it to Bitcoin because they aren’t at all similar and I when you want price growth, you need scarcity.
What do you think of Doge? Am I wrong about any of this? Did I miss anything? Let me know what you think about this in the comments below and don’t forget to subscribe!
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*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*