Jack Dorsey, Twitter’s chief executive officer, has been receiving advice and requests to consider leveraging other cryptocurrencies like ethereum. But the widely-known Bitcoin advocate is still firm with his decision to remain loyal to the world’s most dominant crypto coin.
Many analysts and crypto fanatics have been suspecting that Dorsey is preparing to make a big investment in ethereum since Twitter has already released 140 NFTs on the Ethereum platform.
What is the biggest threat to bitcoin?
Almost everybody considers ethereum as bitcoin’s biggest threat and the only crypto coin that can unseat bitcoin from its current dominant position.
But Dorsey has a completely different opinion about this matter, in his latest tweet, he said that if there is anything that can give bitcoin a massive threat, it would be the HamsterCoin. HamsterCoin is a meme coin (just like dogecoin) that flows in high volumes in the market.
After the CEO’s tweet, the price of HamsterCoin surged by an astounding 250% in just a matter of hours. And while it’s impressive that a single tweet can drive up a cryptocurrency’s price, it’s not really new as Tesla big boss Elon Musk has done it before, a lot of times.
By taking a closer look, there’s nothing special about HamsterCoin. Unlike other coins, it is not integrated with any advanced technology, doesn’t support smart contracts, and it’s not decentralized.
All the coin can promise is financial freedom for everyone who would be “brave enough” to purchase it. But even with HamsterCoin’s “unattractiveness” when it comes to the lack of impressive features, investors have snapped up large volumes of the coin that helped increased the meme coin’s value.
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