Memes are seemingly taking over the world. This doesn’t seem to be stopping anytime soon with the direction that digital internet culture is going.
Luckily, investors now have the ability to directly invest into the DogeCoin (DOGE) meme in their iTrustCapital Crypto IRA / 401k Retirement Accounts.
What is DogeCoin (DOGE)?
DogeCoin (DOGE) was created by Billy Markus in 2013 when he forked a derivative of the Bitcoin code-base in order to create a new, fun and non-serious cryptocurrency. The great thing about crypto networks is that they are open source, so any developer can take the code base, copy it, make a few changes and deploy an entirely new network (and coin). The project was never meant to be taken seriously and was simply done as an experimentation in open source software and digital currency.
How is DOGE similar to Bitcoin (BTC)?
Doge is actually very similar to Bitcoin in many ways. It’s a global digital currency that holds value based on human agreement. This value is traded on a 24/7 market which constantly helps it find the “fair market value” based on supply/demand and buyers/sellers.
It’s similar to Bitcoin based on the 3 following reasons:
- It has a decentralized Proof of Work mining network that secures the network.
- It has a stable and predictable inflation schedule, also known as the monetary policy.
- It has an ossified code-base, meaning it’s considered nearly a final product and doesn’t require any future network upgrades.
- It has nearly 10 years of the Lindy Effect.
Why is DogeCoin so popular?
Contrary to popular belief, DogeCoin has been around for many years and has seen multiple hype cycles before the 2021 craze.
Most interest in DOGE comes from meme-culture, which is the ability to express complex cultural phenomena into a single easy to digest piece. Millennials and Generation Z have become infatuated with memes and are a core-part of their digital lives. DogeCoin is arguably the first time humans have ever been able to globally invest into the same meme. This means that this meme (DOGE) can potentially grow in value over-time as more people understand and appreciate the meme.
In early 2021, Elon Musk started talking about DOGE on major social media platform Twitter. This was a shot heard around the world and has quickly turned Elon Musk into a type of “messiah” figure for DogeCoin investors. This was only the beginning of the craze, as Elon later went on Saturday Night Live where he not only talked about DOGE but later mentioned that there would be a Space X DogeCoin Moon Mission. Elon has committed to sending DOGE to the moon, both figuratively and literally.
Why would anyone invest in DOGE?
While it’s hard to say that buying DOGE is an “investment” by any stretch of the imagination, there surely is something to say about digital assets that have a fixed monetary policy, nearly 10 years of the Lindy Effect and mass global meme adoption.
Crypto investors have been demanding access to DogeCoin for many months, and in light of Coinbase’s recent signal of approval, we decided it’s time for our clients to at least have the same option.
Tax Free DogeCoin (DOGE)
DogeCoin is a hyper-volatile asset. This means that traders often try to buy it low and sell it much higher. Every time a US investor makes a crypto trade, they need to pay taxes on the profits. Luckily when trading DOGE in an iTrustCapital Crypto IRA, trades are tax free.
If you want to learn more about tax-free trading, head to www.iTrustCapital.com
Important Note: All investments involve substantial risk of loss. All trading strategies are used at your own risk and you are responsible for the financial resources you utilize. If the market moves against you, you may sustain a total loss of the initial amount you allocated to the investment. you should not engage in trading unless you fully understand the nature of the transaction you are entering into and the extent of your exposure to loss. If you do not fully understand these risks, you should seek independent advice from your financial advisor. iTrust is not an investment specialist, tax specialist, financial planner (certified or otherwise), or retirement advisor, and iTrust does not provide investment advice, tax advice, financial planning services, or retirement planning or retirement-specific advice. iTrust facilitates the purchase of digital currency and precious metals, nothing more, and charges a fee for the service it provides. All investment decisions are made by iTrust users. Please read the full Risk Disclosure.