Dogecoin quickly becoming popular in cryptocurrency community

Local News

Cryptocurrency is a type of digital currency said to be more secure than using paper money or debit cards. The currency can be used to purchase items just like using paper money, provided the seller accepts cryptocurrency payments.

However, it is not regulated like a dollar bill, so some use it in another way, using it like the stock market.

One form of this cryptocurrency is called Dogecoin.

After being endorsed by billionaire Elon Musk, its value of one “coin,” which works like a share in the stock market, rose from 7 cents to 40 cents in less than a week. This means those that have invested in the currency have watched their initial investment increase by five times.

Some have played it safe, while others have invested large amounts. A Bismarck man, Bradley Fischer, invested in Dogecoin when the price was 6 cents per coin.

He says this past weekend, he opened the Robinhood app and noticed a pleasant surprise. Its recent rise in popularity has many people wondering just where to get it.

Fischer said, “I couldn’t believe all these people that never believed in cryptos before were actually contacting me, asking me where to get this at. And the best place that I found is Robinhood, and of course there’s a lot of other places where you can get cryptos.”

Fischer says with Elon Musk’s continued support, he hopes to one day afford his own Tesla through his dogecoin investment.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Inside KXNET.COM

More Don't Miss

KX News Trending Stories

Latest Stories

More Local News