Experts and scholars have stated that the rate hike would not have the desired effects on inflation in Nigeria. Aside from being accepted as a method of payment at a ridiculously tiny number of merchants, Dogecoin lacks any serious competitive edge. Even its original two founders, Billy Markus and Jackson Palmer, stopped working on the network in 2015. If those closest to Dogecoin don't believe in it, you shouldn't either. Bitcoin gains more legitimacy among lawmakers and legacy financial companies. For example, Japan passed a law to accept bitcoin as a legal payment method, and Russia has announced that it will legalize the use of cryptocurrencies such as bitcoin. On the supply side, the Fred Wilson-backed bitcoin startup Coinbase recently made headlines when it ran moved here out of bitcoins. A squeeze in the supply of BTC available for purchase, particularly during periods of more frenzied trading we’ve seen of late, may also be putting upward pressure on the price. On the flip side, profit taking for holiday spending or other reasons may affect supply.