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Gaining currency

Large firms signal mainstream acceptance of crypto

cryptocurrencies | cryptocurrency | bitcoins

Business Standard Editorial Comment  |  New Delhi 

came a step closer to widespread mainstream acceptance last weekend. Aerospace major Space-X will accept payment in Dogecoin from Geometric Energy Co to send a 40-kg satellite to the moon in the first quarter of 2022. The contract value of the first crypto-funded space launch, the “DOGE-1 Mission to the Moon”, was not disclosed. Ironically, on that weekend itself, Space-X founder sent the value of Dogecoin plummeting by 35 per cent, when he joked Dogecoin was a “hustle” on the comedic programme, Saturday Night Live (SNL). Musk had earlier talked up Dogecoin, calling it a “people’s currency”. Following his SNL remarks, his social media followers panicked and sold down Dogecoin, which had appreciated 800 per cent in the previous 30 days. Even after the sell-off, Dogecoin retains a market value of about $75 billion, which makes it the fourth-most valuable crypto.



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First Published: Mon, May 10 2021. 22:40 IST