Macauley Peterson

<div id="highlights-block_61b8868480cf9" class="highlights">
        <ul>
                <li>Musk was named TIME’s Person of the Year on Monday and said that Dogecoin is “better suited for transactions [than bitcoin]”</li>
                <li>An early Tuesday morning tweet sent DOGE prices rocketing higher within a few minutes</li>
            </ul>
    
</div>



<p>Elon Musk is once again moving markets with a fresh round of pro-Dogecoin comments proliferating on Twitter.</p>



<p>TIME Magazine announced its 2021 Person of the Year award for Musk, on Monday. The consequent social media blitz included a Tweet featuring the celebrity CEO discussing cryptocurrency in the context of his expertise on money, stemming from his involvement in the early days of digital payments service PayPal. As <a href="https://cms.blockworks.co/?s=elon+musk" target="_blank" rel="noreferrer noopener">he has done before</a>, Musk used the opportunity to criticize bitcoin as a currency and promote his favorite crypto hobbyhorse, Dogecoin.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Watch: TIME&#39;s 2021 Person of the Year <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> discusses cryptocurrency <a href="https://twitter.com/hashtag/TIMEPOY?src=hash&amp;ref_src=twsrc%5Etfw">#TIMEPOY</a> <a href="https://t.co/FfwEGxW7LX">https://t.co/FfwEGxW7LX</a> <a href="https://t.co/5BXAZky0LS">pic.twitter.com/5BXAZky0LS</a></p>&mdash; TIME (@TIME) <a href="https://twitter.com/TIME/status/1470378129575325700?ref_src=twsrc%5Etfw">December 13, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>“Even though it was created as a silly joke, Dogecoin is better suited for transactions,” Musk said, arguing that Dogecoin supports a higher number of transactions per day. And while it is inflationary in its issuance, he added, “that’s actually good because it encourages people to spend rather than sort of hoard it as a store of value.”</p>



<p>But what can folks buy with their DOGE? Well, Musk provided one answer for that in a Tuesday morning tweet to his 65 million followers:</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Tesla will make some merch buyable with Doge &amp; see how it goes</p>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1470703708677840896?ref_src=twsrc%5Etfw">December 14, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>The market did not wait for details before buying up DOGE like a Model 3 sedan. In the six minutes following Musk’s tweet, the uber-memecoin rocketed 27%, a pace indicative of twitter-watching bots taking full advantage.</p>



<figure class="wp-block-image"><img decoding="async" src="https://lh6.googleusercontent.com/695Yx4O78uX_MmxdqzvY0ZURJUNJG3B_Sd14sCvptmn8HMgvpd3wkBOmmqGBe74GfKLuVqt-eT0P7_XcjsNXII6UFAemJlc0ToYDew1Jb2fEc3Hn0EHl2qM7eArb3nzZuPQ41H-k" alt=""/><figcaption>DOGE/USD on the 1-minute timeframe. Musk&#8217;s tweet came at 10:34 UTC.</figcaption></figure>



<p>The price of DOGE has remained elevated in the hour since, holding above 20 cents.</p>




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<p>Musk’s outlook on bitcoin follows the store-of-value narrative that has predominated of late, notwithstanding the <a href="https://cms.blockworks.co/btc-price-flat-after-taproot-lightning-network-continues-to-grow-markets-wrap/" target="_blank" rel="noreferrer noopener">growth in Bitcoin’s Lightning network</a>.</p>



<p>“I could really sort of wax on about the nature of money for hours…there are very few people that understand it better than me. Bitcoin is an interesting example — obviously the prime mover on this — but the transaction volume on bitcoin is low and the cost per transaction is high. It is, at least at its base level, suitable for a store of value, but fundamentally bitcoin is not a good substitute for transactional currency,” Musk <a href="https://time.com/person-of-the-year-2021-elon-musk/" target="_blank" rel="noreferrer noopener">told TIME</a>.</p>



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Bitcoin

DOGE Spikes 27% on Elon Musk Tweet

Casey Wagner

<div id="highlights-block_6196907cab752" class="highlights">
        <ul>
                <li>TIME is launching an array of products and coverage focused on the metaverse through a partnership with Galaxy Digital </li>
                <li>The American magazine will hold ether on its balance sheet </li>
            </ul>
    
</div>



<p>TIME Magazine is set on educating the world about the metaverse, and it is putting its money where its mouth is.&nbsp;</p>



<p>The American magazine and news site is going to hold ether on its balance sheet and launch a TIME 100 Companies list for the metaverse and a <a href="https://cloud.newsletters.time.com/newsletter_opt-in?qs=3a19a0aa35903a2d9f214b74f69a379180fb7036abc7e626c1275429d214e8168514ad35348a2f46d77371ff5e7183503225a26dd600638b467fc28045b8f8d4">weekly newsletter</a> to be called ‘Into the Metaverse,’ financed by ETH, the company announced Thursday. The deal will be made possible through a partnership with Galaxy Digital, TIME said.&nbsp;</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p><strong>“The partnership with TIME is a first of its kind,” Galaxy Digital CEO and founder Mike Novogratz told Blockworks. “Galaxy is a technology driven financial solutions firm, purpose built to service crypto, digital assets, and blockchain technology, which we believe, are going to permeate every aspect of our lives.”</strong></p></blockquote>



<p>The TIME 100 list, commissioned by Galaxy, will be the latest in the magazine’s growing family of lists, which cover influential businesses. The metaverse list will include builders in the space, the company said. Applications for the list are currently open and will close December 31.&nbsp;</p>



<p>The newsletter will be authored by TIME entertainment reporter Andrew Chow.&nbsp;</p>



<p>“The noise around the term ‘metaverse’ is loud and constant enough to render it almost meaningless,” Chow said on <a href="https://twitter.com/andrewrchow/status/1461330209752371203?s=20">Twitter</a>. “But the money and effort being poured [into] the space are undeniable and will likely have a huge impact for decades to come.”&nbsp;</p>



<p>In addition to the newsletter, TIME will also create online resources for metaverse education, with the help of experts at Galaxy.&nbsp;</p>



<p>“We see our role as the bridge bringing together institutions and innovators/wall street and Web 3.0,” Novogratz said. “More simply, we are always trying to bring more people into ‘the tent’ – this partnership aims to do exactly that via education, content, TIME100 companies, and more.”</p>



<hr class="wp-block-separator"/>



<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>



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