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As finance applications add crypto functionality and stimulus money rushes in, bitcoin and cryptocurrency speculation has skyrocketed this year. Through 2021, the bitcoin price has risen alongside so-called meme stocks such as Tesla, Gamestop, and AMC, however other technology firms such as Facebook have also risen as investors flood into the sector.
According to the billionaire CEO of crypto exchange FTX, who has prophesied a “convergence” between “crypto and the mainstream,” “hundreds of millions of dollars” rushed into meme-based cryptocurrency dogecoin after trading limitations were imposed on certain companies in an attempt to calm markets.
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MORE FROM FORBES’We Just Ripped The Pin Out Of The Grenade’-Radical New Bitcoin Company Issues’We Just Ripped The Pin Out Of The Grenade’-Radical New Bitcoin Company Issues A stern warning about the price of Coinbase has been issued. Billy Bambrough contributed to this article.

This year, the price of bitcoin has risen, as have the prices of numerous so-called meme stocks. Some in the cryptocurrency community believe there is a growing correlation between bitcoin, ethereum, and dogecoin trading and traditional equities like Tesla and Facebook.
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On Laura Shin’s Unconfirmed podcast, Sam Bankman-Fried, the CEO and founder of FTX, said, “There are loads and tons of people who have interest in trading crypto and also have interest in trading equities.” “Hundreds of millions of dollars rushed into dogecoin in less than an hour when a group of brokers, including Robinhood, banned buying of Gamestop. It was just a clear indication that it was the same folks.”
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After online users banded together against hedge fund short-sellers who wagered the Gamestop price would fall, trading site Robinhood prohibited the purchase of Gamestop stock in January.
“The same folks who bought Gamestop were buying dogecoin,” Bankman-Fried explained. “And, frankly, I believe the same folks that bought Tesla and Facebook also bought bitcoin and ethereum.”
Over the last few months, a slew of stock trading and finance companies, including payments behemoth PayPal, have added support for bitcoin and cryptocurrencies. In its prospectus for its impending initial public offering (IPO), Robinhood stated that cryptocurrencies accounted for 17% of its transaction-based revenue in the first three months of the year, with dogecoin accounting for 34% of that.
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ADDITIONAL INFORMATION FROM FORBESthereum By Billy BambroughJust Surpassed Bitcoin In A Key Milestone As Major Upgrades Help Spur Its Price HigherBy Billy BambroughJust Surpassed Bitcoin In A Key Milestone As Major Upgrades Help Spur Its Price Higher

The price of bitcoin has increased by roughly 270 percent in the previous year, owing to broader asset inflation that has… [+] pushed other cryptocurrencies like ethereum and dogecoin, as well as stocks like Tesla and Facebook, higher.
Coinbase Dogecoin, which began as a “joke” in 2013, has risen to become one of the most expensive cryptocurrencies in the world, with a market valuation of about $37 billion since January. Bitcoin now has a market valuation of roughly $650 billion.
“I think we’re seeing more and more convergence as crypto grows closer to the mainstream, and the mainstream gets closer and closer to crypto,” Bankman-Fried said, adding that people are becoming more interested in “trading both stocks and crypto.”
Dogecoin was named the “asset of the year” for 2020 and 2021 by Bankman-Fried last month./nRead More

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