Dogecoin aims to become the cryptocurrency for everyday payments. Dozens of merchants already accept dogecoin for payments but the crypto hasn’t earned an endorsement from major retailers like bitcoin.
However, Musk is trying to bring legitimacy to dogecoin. His efforts could pay off in the long run. For investors seeking the next bitcoin, dogecoin looks to be a long-shot speculative crypto investment.
Bitcoin has taken off in 2020 because large institutional investors have started purchasing it, which has boosted bitcoin’s legitimacy and demand. However, it has taken more than a decade for bitcoin to get here. While mentions by prominent figures, like Musk, are good for dogecoin’s legitimacy and publicity, investors who buy dogecoin now will need a lot of patience to reap big profits like early bitcoin investors.
Finally, before you buy dogecoin, you should know that the cryptocurrency’s supply is unlimited. In contrast, bitcoin’s supply is fixed at 21 million units. Therefore, an investment in dogecoin is exposed to inflation risks.
View more information: https://marketrealist.com/p/should-i-buy-dogecoin/