Musk's Dogecoin Challenge, Mark Cuban on DeFi and Tim Draper's Bitcoin Prediction: Crypto Weekly Recap

This week in the cryptocurrency industry has been 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 one man's regrettable decision to sell his house at the height of the bull run of 2021 and investing 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 at McDonald's

Elon Musk has again confirmed that he will eat a McDonald's Happy Meal on live TV if the fast food giant adopts Dogecoin DOGE/USD as a payment method. This follows a Twitter exchange between Musk and DogeDesigner, who came up with the idea. Although Dogecoin is gaining traction and recognition throughout 2021, widespread adoption by the majority of retailers remains to be seen. Read the full article here.

A man sells his house to invest in crypto

In a yet to be released documentary called "The Highest of Stakes", a man may have sold his house at the height of the 2021 bull run, choosing to invest the proceeds in a cryptocurrency known as HEX. The man claims he went all-in, liquidating his house's assets for the risky business. The specific amount involved was around 240,000 HEX. Read the full article here.

Dogecoin Spikes on Biggest Short

Dogecoin rallied significantly, reclaiming the $0.070 level for the first time in four weeks. On-chain analytics firm Santiment reported that the recent rally could be attributed to DOGE's biggest short sale of 2023. Prominent pseudonymous analyst Kaleo expressed optimism about DOGE's future, suggesting that the cryptocurrency could reach $0.10, earlier than expected. Read the full article here.

Mark Cuban on DeFi's advantage over traditional finance

Mark Cuban said that traditional banking systems have an array of layers to protect against corruption and social engineering hacks, they also introduce disadvantages such as increased costs, complexity and limited access for those who need it. He argued that the risks associated with smart contracts diminish 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 longtime Bitcoin advocate Tim Draper has revised his prediction for Bitcoin BTC/USD to break above the $250,000 mark. He now believes that Bitcoin has the potential to surpass $250,000 by 2025. Read the full article here.

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