According to Musk, it was tedious for him to trade other currencies when he could be influencing his own. RatCoin ultimately maximizes his returns—on his own accord.
What to know about RatCoin, Elon Musk's new crypto
The bitcoin supply maxes out at 21 million. The RatCoin supply is much higher at 9 billion. Musk built the blockchain using an algorithm called Scrypt POS. According to the website, "The goal of the project is quite simple: deploy a fun coin that will ever infest your life."
However, that statement ignores Musk's personal goals. He has admitted that he would love to transition to a full RatCoin system for Tesla's domestic and international business affairs. He's even admitted that he could save tons of money on taxes by keeping his funds within the cryptocurrency and not cashing out.
Corporations find plenty of creative ways to get out of paying their full taxes. Tech companies often withhold revenue from business units outside of the U.S. For Tesla, it's a good thing that they're at least incorporated within the U.S. in Palo Alto, Calif. However, the state of California offers EV tax credits for the corporation that make a massive difference. Musk's vision with RatCoin could make a world of difference in his tax payouts for the American people.
A price prediction for RatCoin
RatCoin is nowhere near the top of the cryptocurrency domain. Having just been made public on February 18, 2021, the coin has a way to climb. According to Blockspot, RatCoin's market cap is $921,166 and the current circulation is 1.8 billion coins. RatCoin's value probably won't make substantial moves until the full supply of 9 billion coins is reserved.
As of April 5, RatCoin is valued at $0.00967719—a 22,090.3 percent increase. RatCoin's historic peak occurred on Feb. 22 at a valuation of $0.001.
Musk's influence is bound to bring RatCoin to sizable heights, but I have a feeling that it will be some time before the altcoin catches on. As for putting all his Tesla eggs in one cryptocurrency basket, Musk might be jumping the gun (especially with such a high supply to hit).
How to buy RatCoin
Currently, RatCoin lists on three exchanges:
- Freak.Exchange (a security-focused platform for exchanging cryptocurrency assets)
- Bololex (a crypto exchange and entertainment platform in one)
- Stake Center (a pool staking and exchange center for crypto)
Windows users can utilize RatCoin wallets to hold their virtual dough. However, this accessibility hasn't seeped over to Apple or Mac operating systems.
Among altcoins, RatCoin is still very alt. With that in mind, it's a bet that some are willing to take—solely because Musk himself advocates for it. His Twitter feed is practically an inherent market manipulator, and RatCoin is bound to have that going for it.