Was it really a knock on Crypto, or was there a hidden plug in the details?
Elon’s big night in NYC was awkward, as expected and he should probably keep his day job. The highlight, for pretty much everyone on earth (not sure about mars), was the Weekend Update segment where Musk appeared as Lloyd Ostertag, a crypto “expert” dressed in professorial garb.
Watch the clip below, and you will notice that, although the punchline was a dis’ on Doge, saying, or rather “admitting” that it’s a “hustle”, a detailed listening to Musk’s entire speech reveals some gems that go in the opposite direction, for those that follow crypto, and, well, money.
The dollar is just as real (or unreal) as DogeCoin
In a comedy skit looking like it was designed to avoid scrutiny by the SEC, the writers at SNL, presumably with Musk’s help, decided to put a negative spin on both mentions of DOGE during the show. First, in an exchange with his Mom, Maye, Musk sheepishly grins and nods after she says she “hopes it won’t be DogeCoin” referring to her Mother’s day gift.
He eventually capitulates and, after saying that DogeCoin is “about as real as that dollar” he “concedes” that “it’s a hustle”.Elon Musk, as LLoyd Ostertag on Saturday Night Live, May 8th 2021
Later, in the “Weekend Update” segment Musk plays “Lloyd Ostertag” who calls himself the “DogeFather” – and the anchors ask repeatedly, in a somewhat dismissive tone, “what is DogeCoin?”. The gag is that he, as Ostertag, eventually capitulates and, after saying that DogeCoin is “about as real as that dollar”, “concedes” that “it’s a hustle”.
While the bulk of his appearance in the segment does reconfirm and support his actual views, in a smirking and slightly deprecating way, as Ostertag”, it also underscores a deeper truth that cryptocurrencies are “as real as the dollar” (some would say more real). However, in the end, the punchline is a negative way to sweep all of that away, with a nod to Buffet, Munger and the SEC, thereby toeing the line and insuring himself one less courtroom headache.
DOGE has the last laugh? Is Crypto dead? Doubtful…
As of Sunday, May 9th, DOGE is hovering around .51 cents. The Muskian peak was .74 cents on May 7th. This means that, although there was a decline on the “news” that Musk would not break the SEC rules by blatantly pumping DogeCoin on live national TV, the coin is still up approximately 33% for the week, 734% for the last month and 19,446% for the last year. And, according to Elon Musk, aka Lloyd Ostertag, aka the DogeFather, it is “about as real” as that dollar in your pocket.
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