Bitcoin vs Dogecoin: Which cryptocurrency to choose in volatile market

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The world's richest man, Elon Musk has been a preacher and great supporter of cryptocurrency, Dogecoin. Musk on numerous occasions has shown likeness to Doge and even his Tesla accepts the crypto for selling merch. But this week, Tesla made a shocking revelation by profiting $64 million from selling Bitcoin. Unlike Dogecoin, Tesla which is among the investors of Bitcoin has booked some gains in the crypto leader for driving its cash reserves. The said, which is a better investment option in the cryptocurrency market. Bitcoin or Dogecoin?

When Tesla announced that it has sold 75% of its digital assets, many expected the crypto market especially Bitcoin to witness heat from investors. However, Bitcoin has managed to float and shrug off the impact. Tesla sold its Bitcoin holding to drive its cash reserves. 

Tesla had invested $1.5 billion in Bitcoin in the first quarter of 2021. In its SEC filing on July 25, Tesla said, during the three and six months ended June 30, 2022 period, it recorded an impairment loss of $170 million as well as realized gains of $64 million in connection with converting its holdings of digital assets into fiat currency. In the first half of 2022, Tesla also realized gains of $128 million in connection with converting our holdings of digital assets into fiat currency, further, the company recorded $23 million and $50 million, respectively, of impairment losses on bitcoin. Also, the company recorded other expenses of $36 million during the three months ended June 30, 2022, related to the recent employee terminations.

As of June 30, 2022, Tesla has converted approximately 75% of its purchases into fiat currency. It now has net cash inflows related to digital assets aggregating to $936 million in the