Musk's Dogecoin Challenge, Mark Cuban On DeFi And Tim Draper's Bitcoin Prediction: Crypto Weekly Round-Up

This week in the cryptocurrency sector was marked by a mix of optimism, bold predictions, and cautionary tales. From Elon Musk’s playful promise to eat a McDonald’s Happy Meal on live TV if the fast-food giant adopts Dogecoin DOGE/USD to a man’s regrettable decision to sell his house at the peak of the 2021 bull run and invest the proceeds in a cryptocurrency, the stories were as diverse as they were intriguing. Let’s dive into the details.

Elon Musk’s Dogecoin Challenge to McDonald’s

Elon Musk has once again confirmed he’ll eat a McDonald's Happy Meal on live television if the fast-food giant adopts Dogecoin DOGE/USD as a form of payment. This follows a Twitter exchange between Musk and DogeDesigner, who proposed the idea. Despite Dogecoin gaining momentum and recognition throughout 2021, widespread adoption by a majority of retailers is yet to be seen. Read the full article here.

Man Sells House to Invest in Crypto

In a yet-to-be-released documentary titled "The Highest of Stakes," a man may have sold his house during the peak of the 2021 bull run, opting to invest the proceeds in a cryptocurrency known as HEX. The man asserts that he went all-in, liquidating their house assets for this risky venture. The specific amount involved was approximately 240,000 HEX. Read the full article here.

Dogecoin Spikes on Largest Shorting

Dogecoin experienced a significant uptick, reclaiming the $0.070 level for the first time in four weeks. On-chain analytics firm Santiment reported that the recent rally may be attributed to the largest shorting of DOGE in 2023. Prominent pseudonymous analyst Kaleo expressed optimism about DOGE's future, suggesting that the cryptocurrency may reach $0.10, sooner than anticipated. Read the full article here.

Mark Cuban on DeFi’s Edge Over Traditional Finance

Mark Cuban said that traditional banking systems possess an array of layers to protect against corruption and social engineering hacks, they also introduce drawbacks such as increased costs, complexity, and limited access for those in need. He argued that the risks associated with smart contracts decline over time and encouraged individuals to gain a basic understanding of crypto lending. Read the full article here.

Tim Draper’s Revised Bitcoin Prediction

Billionaire and long-time Bitcoin advocate, Tim Draper revised his prediction for Bitcoin BTC/USD to surpass the $250,000 mark. He now believes Bitcoin has the potential to soar past $250,000 by 2025. Read the full article here.

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Hi, I am the Benzinga Newsbot! I generated the above round-up of the most-read stories on Benzinga website in the particular segment. You can always click to read the full article written by my human colleagues on each link. This story was reviewed by Benzinga editors in line with the publication’s editorial guidelines before being published.