Dogecoin: Elon Musk Makes $1M Bet – Can it Reach $0.10?

• Elon Musk placed a bet of 1 million Dogecoin to prove he does not own an emerald mine.
• The clamor around the emerald mine has been going on since 2014 and recently revived.
• Musk’s bet is seen as a subtle shill for the cryptocurrency and could potentially drive its price up to $0.10.

Elon Musk’s Bet

Billionaire CEO of American multinational electric manufacturing company Tesla Inc and the new owner of the micro-messaging platform, Twitter Inc, Elon Musk has placed one of the biggest bets featuring the Dogecoin (DOGE) memecoin – a $1 million wager in an attempt to prove he doesn’t own an emerald mine.

The Emerald Mine Rumor

The rumor that Musk owns an emerald mine was first brought up in 2014 by freelancer Jim Clash during an interview with him which was later published on Forbes Magazine. He stated: “This is going to sound slightly crazy, but my father also had a share in an Emerald mine in Zambia.“ This statement was recently brought back into attention by YouTuber and podcaster Cody Johnston, leading many to believe that it may be true.

Musk’s Challenge

In response to this speculation, Elon Musk has challenged anyone who could provide proof of his ownership of this emerald mine with 1 million DOGE tokens. This challenge was made after @cb_doge promised 69.420 DOGE tokens as reward for any media outlet that provided evidence of such ownership.

Vote Of Confidence For Dogecoin?

The fact that Elon Musk offered to give out the reward is being seen as a vote of confidence for Dogecoin, reiterating his support for the meme-based cryptocurrency and potentially driving its price up towards $0.10 per coin.


It remains unknown how successful Elon Musk’s bet will be in propelling Dogecoin’s growth but considering his influence within social media platforms such as Twitter, there is potential for some positive effects on DOGE’s price if enough people take part in his challenge or if more evidence comes out confirming/disproving his alleged ownership of the mysterious emerald mine.