Cryptocurrency: To the Moon

Mrs. Carlson, History teacher

“To the Moon,” Elon Musk and the growing movement of cryptocurrency-followers have shouted, all in desperation to push the latest cryptocurrency, Dogecoin, to a dollar.  Cryptocurrency, the latest get rich quick hustle being sold by most major stock brokers  “ virtual or digital money which takes the form of tokens or ‘coins.’” While some cryptocurrencies have ventured into the physical world with credit cards or other projects, the large majority remain entirely intangible.” According to, while there are some positive aspects of purchasing cryptocurrency, most financial experts agree that it is an extremely risky venture. 

The most positive aspect of owning cryptocurrency, or “crypto” for short,  according to, is that it cannot be controlled or manipulated by the government. This gives the owner anonymity and the ability to purchase certain items without being charged high state taxes on luxury items.  Some see this as a negative aspect of the currency, allowing the owner to purchase nefarious items on the dark web.  Some cryptos such as the original Bitcoin, have a scarce or limited amount of “coins” available for purchase, making them much more appealing and valuable to the buyer.

Unlike Bitcoin, Dogecoin began as a meme or a joke. The negative aspect of Dogecoin is the instability of the market due to an unlimited supply which makes it not as valuable. Unfortunately, only those who got in on the ground floor will likely see extreme profits from Bitcoin crypto purchases. For example, millionaire Elon Musk added to his fortune by purchasing Bitcoin and is now sending rockets to outer space. As the cost of Bitcoin becomes out of reach for most Americans, the market has now been flooded with thousands of cryptocurrency startups and millions are investing in hopes of being the next Elon Musk. 

Many financial experts from around the world agree that the jury is still out on whether or not cryptocurrencies will become the wave of the future and a solid investment. Recently China has stopped accepting cryptocurrencies, and the value of all cryptocurrencies decreased across the board. Cryptos took another hit when Musk made a Saturday Night Live appearance, in which he told all of the Dogecoin investors to take it “to the moon” and then unexpectedly added it was all a “hustle.” Apparently, only time will tell.