While the idea of a Bitcoin strategic reserve is gaining traction in some circles, Dogecoin co-founder Billy Markus has posed an amusing yet intriguing question: Why not a national Dogecoin reserve?
Markus, who is known for creating Dogecoin as a fun experiment in 2013, shared his thoughts on Twitter (X) yesterday.
“Why not a national Dogecoin reserve?” he tweeted, sparking discussion about the potential for alternative cryptocurrencies in state reserves.
Republican Senator Cynthia Lummis, a staunch Bitcoin advocate, also added further weight to the idea by discussing how such a plan could work.
Bitcoin, currently the world's seventh-largest asset with a market value of $1.8 trillion, has shown its growing influence on global markets by overtaking silver and Saudi Aramco this month.
Dogecoin remains the sixth-largest cryptocurrency with a market cap of $55 billion, though it doesn’t match Bitcoin’s scale. The Shiba Inu-inspired cryptocurrency gained significant traction during the 2020-2021 bull market thanks to the backing of influential figures like Elon Musk. Musk, who is now a prominent figure in both tech and government, has brought some seriousness to what started as a joke project by frequently hinting that Dogecoin could be used for payments.
While the idea of a Dogecoin reserve may sound far-fetched, Wall Street analysts believe the asset could soon gain wider acceptance, suggesting that Dogecoin could eventually find its way into traditional investment vehicles like exchange-traded funds (ETFs).
*This is not investment advice.