Bitcoin Still Trading Sideways And Morgan Stanley Ponders Doge As Currency

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Clowns to the left of me! Jokers to the right! Here I am stuck in the middle with you. That’s how Stealers Wheel said it best to describe a situation where we don’t know what the outcome will be. Stuck in the middle with you.

The song that was immortalized by Quentin Tarantino in Reservoir Dogs aptly describes the situation that we currently see Bitcoin being in. Unknowing whether to break through the temporary $40k ceiling and bring the promise of higher levels again, unknowing whether to drop through the $30k floor, the world’s biggest cryptocurrency continues to chop sideways. At the time of writing, Bitcoin trades around $35k.

Constantin Kogan, founder of investment community BullPerks, summarized it best when he said:

Speculators are fighting, China pulls the market down but the rest of the world is actually bringing more positive sentiment.

Dogecoin as a currency?

US business bank Morgan Stanley meanwhile apparently has written a research note to clients asking: What stops Dogecoin being used as a currency?

Morgan Stanley asking the important questions pic.twitter.com/yjBtzWNcGW

— Frank Chaparro (@fintechfrank) June 11, 2021

The bank furthermore noted the interest of billionaire Elon Musk; the fact that Doge is up 175x versus the start of the year and that even Dallas Mavericks owner Mark Cuban invested (although only about $1,000). Vitalik Buterin, founder of Ethereum, was asked just last week whether he feared the Doge, but it now appears that even business banks on Wall Street are getting interested. Much wow.