The growing mystery that is cryptocurrency is beginning to attract a lot of attention across the world. One, for the relatively untouched field that is digital currency and non-fungible tokens (NFTs aka marks of wealth)--it is a great mystery surrounding finances and money, one of the most common gripes of our daily lives.
For another, for its buying power. Since it is fairly new, its value is completely and totally up to speculation and wild swings. Most mainstream businesses do not yet accept cryptocurrency as a form of payment, although that may change in the near future.
Elon Musk, the controversial CEO of Tesla, is a well-known proponent of a cryptocurrency called Dogecoin, originally created as bitcoin satire. Dogecoin is currently worth .14 cents on a dollar.
After offering to eat a Happy Meal on TV if the fast food franchise McDonald's accepted Dogecoin, McDonald's was ready with a response—and their own bit of cryptocurrency.
And McDonald's fans were all about it.
McDonald's proposed new joke cryptocurrency is Grimacecoin, featuring the lovable purple monster Grimace.
However, after posting the offer, Grimacecoin was made by several third parties—and has values across the board.
Bitcoin and several other cryptocurrencies are on a downward trajectory at the moment, falling 24% and trading below $40,000, in contrast to $69,000 in November of 2021.
The plunge in value is likely due to a number of world factors, one of the most significant being Russia-Ukraine tensions as Putin weighs whether to invade Kyiv.
McDonald's has no plans to enter into the cryptocurrency business as of right now, but the landscape is rapidly changing on crypto. Some countries, such as El Salvador, have embraced some crypto as official forms of currency, to their peril.
Crypto remains volatile, with values changing constantly. Hedging the value of something—even a Big Mac—on any kind of digital currency is a risk.