Dogecoin: CoinBureau on Potential Twitter Integration
YouTube channel Coin Bureau is exploring Dogecoin's (DOGE) potential integration into Twitter following Elon Musk's recent acquisition.
Could Musk help his favorite crypto?
In a new video, the channel’s host “Guy” discussed how such a move on the part of eccentric multi-billionaire Elon Musk could usher in a new era for Dogecoin.
“See all those Bitcoin [investors] opening their wallets to spend their BTC on Twitter?
I’m not sure I could. Like it or not, BTC is digital gold now. And as Gresham’s Law states, the more valuable something is perceived to be, the less likely people are to want to spend it.
At the same time, the sheer abundance of DOGE means that people are more likely to want to spend it than hold it for the long term. Using DOGE, as well as any other cryptocurrency, has many advantages over fiat currencies. For one, Twitter doesn’t have to set up dozens of dedicated payment portals around the world to use the freely available internet currency.”
The channel’s well-known host added that most exchanges support DOGE and that the asset may be inferior to Bitcoin only in recognizability. Moreover, the price of DOGE is low, which means that many people new to crypto would feel more comfortable with the altcoin than with BTC, he added.
Exploring the use cases of DOGE on Twitter, Guy suggests that the cryptocurrency could be used to pay for a subscription service for “blue checkmarks”, which would reduce the social media giant’s reliance on advertising revenue.
According to Guy all of these and other factors could benefit DOGE’s price greatly. As Dogecoin has risen more than 100% in the last seven days, Guy warns that the token is overbought, and its rise may be coming to an end.