It appears that memes are taking over the economy. If you've been keeping up with the GameStop saga and the rise of DOGE, by now you're probably well aware that bitcoin reached its all-time high of $48k early this morning. While bitcoin has been powering through its ascent for over a decade now and is certainly no meme stock, we can't deny that this forceful crypto rally may at least be loosely connected to the recent Reddit short squeeze meme schemes. Elon Musk has not-so-subtly been hyping both dogecoin and bitcoin for months—mysteriously putting 'bitcoin' into his Twitter bio, retweeting ridiculous pro-dogecoin memes, claiming that dogecoin is 'the people's crypto'—even Snoop Dogg (aka Snoop Doge) got in on the hype. But it all came to a head when Tesla announced its purchase of $1.5 billion worth of bitcoin on Monday. It didn't take long for the price of bitcoin to skyrocket to the moon.
But how much further can bitcoin go? As more and more institutions adopt bitcoin as a legitimate form of currency, the plebs are wanting in, but many are wondering if they're too late. In retrospect, one could say there was never a bad time to buy bitcoin. Remember when one coin cost $9k a year ago? To be honest, I personally thought I was too late then. Now look at me. But obviously hindsight is clear as day, and the future of bitcoin is still foggy for those of us who need blockchain technology to be fully demystified before we can 'YOLO' our life-savings into cryptocurrency. If there's one thing we do know for sure, it's that the inherently viral nature of memes has shown to be a useful tool in pumping crypto. Just as r/WallStreetBets rallied to pump the GME short squeeze, subreddits like r/SatoshiStreetBets have been hyping altcoins like DOGE in order to raise the price floor. Some brush off dogecoin as a bubble or pyramid scheme that only functions as a pump and dump rather than a viable currency, but skeptics said the same thing about bitcoin in 2009, so who knows?
We can't say what the future holds for bitcoin, but we can offer what we know best—memes. We've got some amusing bitcoin memes and tweets both old and fresh for anyone who's either curious about crpyto for the first time or obsessive about checking those candlesticks every two minutes.