It's no secret that the last 6 to 12 months has seen cryptocurrency experience a massive resurgence. Considered to be dead after the bubble burst in December 2017, Bitcoin (CRYPTO: BTC) and its ragtag group of lesser-known crypto siblings have been sailing to unimaginable new heights, particularly the light-hearted Dogecoin (CRYPTO: DOGE).
These speculative assets have been given lifesaving breaths of oxygen from a few different catalysts. But even more are rumoured yet to come.
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Dogecoin's extra puff
For Bitcoin, many attribute the meteoric rise to institutional investments. Such an example is Grayscale and its Bitcoin Trust, which now holds over $36 billion of assets under management.
However, some momentum is undeniably from the endorsement received by high-net-worth individuals, and the companies they operate. Dogecoin is a prime example of this. The cryptocurrency originally derived from a "fork" in Bitcoin was developed in jest.
Nevertheless, Tesla Inc (NASDAQ: TSLA) techno king Elon Musk has expressed a fondness for the furry-friend-branded currency. Musk has tweeted and commented on the potential for a Dogecoin standard on numerous occasions. This has seen the currency skyrocket 660% in the last month alone.
Although, following Musk's eccentric appearance on Saturday Night Live, Dogecoin sank by more than 30%. But the self-proclaimed "Dogefather" is not giving up on the digital currency that easily.
Musk is now planning to launch a Falcon 9 SpaceX rocket, known as "DOGE-1 Mission to the Moon", in the first quarter of 2022. The space company will accept Dogecoin as full payment for the lunar payload.
SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in spaceTo the mooooonnn!!https://t.co/xXfjGZVeUW
Elon Musk (@elonmusk) May 9, 2021
SpaceX Vice President of commercial sales Tom Ochinero said, "DOGE-1 will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce."
Further Bitcoin rumours
Turning to the OG of cryptocurrencies, after gaining a spot on the balance sheet of several notable US-listed companies, Bitcoin might find itself being added to a couple more.
Facebook Inc (NASDAQ: FB) is the latest company being speculated over. The Bitcoin community is speculating over whether Facebook may add Bitcoin to its balance sheet, after CEO and founder, Mark Zuckerberg posted a picture of his goats – named "Max" and "Bitcoin". However, at this stage, it is purely speculative.
Additionally, big data analytics company Palantir Technologies Inc (NYSE: PLTR) has stated it's open to adding the cryptocurrency to its balance sheet. The US$37 billion tech company now accepts Bitcoin for payments. But on its first-quarter earnings call last night, chief financial officer David Glazer made the following comment after being asked whether it would hold it on the balance sheet:
The short answer is yes, we're thinking about it, and we've even discussed it internally. Take a look at our balance sheet, $2.3 billion in cash at quarter-end, including $151 million in adjusted free cash flow in Q1. So, it's definitely on the table from a treasury perspective, as well as other investments, as we look across our business and beyond.
