Home Economy Video: Elon Musk Explains What Is Dogecoin At SNL – The Cryptocurrency...

Video: Elon Musk Explains What Is Dogecoin At SNL – The Cryptocurrency Falls Over 20% Immediately

Elon Musk took the Studio 8H stage over the weekend for his Saturday Night Live hosting debut and, as many expected, there was a lot of cryptocurrency talk.

The controversial tech mogul had fans and critics debating the choice to tap him as a host in the lead-up to Saturday’s episode. However, one of the biggest questions was whether or not he’d mention Dogecoin, the satirical cryptocurrency that has skyrocketed in the wake of his repeated online endorsements.

As it turns out, Dogecoin — and cryptocurrency in general — actually played a prominent role in the episode. Apart from a mention in his monologue, Musk appeared as a guest on Weekend Update to talk about Dogecoin’s popularity.

Musk appeared as the show’s financial expert, Lloyd Ostertag, and was asked to explain exactly what Dogecoin is.

“Thank you Michael, call me The Dogefather,” said Musk to Michael Che.

“It (Dogecoin) started as a joke based on an Internet meme but now it has taken off in a very real way,” explained Musk.

Che then repeatedly asked Musk what it actually was, even taking a one dollar bill out of his pocket and waving it at Musk, asking him if the cryptocurrency was even real.

“Its about as real as that dollar,” said Musk.

Colin Jost got in on the action, also asking what Dogecoin actually was.

“It is the future of currency, it is an unstoppable financial vehicle that is going to take over the world,” said Musk.

And when he explained that crypto can be traded for cash, Che said, “Oh it’s a hustle.”

“Yeah it’s a hustle,” said a laughing Musk as he shouted the Dogecoin phrase of “to the moon.”

Video below:

While Dogecoin played a surprisingly big part on Saturday’s show, fans had mixed reactions to Musk’s hosting, and the debate about Dogecoin’s legitimacy. The value of Dogecoin dropped steeply before the episode kicked off, and many fans seemed to be watching the show and their crypto-accounts with tense interest.

Dogecoin prices immediately plummeted and fall over 20%.

The question remains was this show promoted to kill the rise of Dogecoin?

Scroll down and leave your comment below.