Benzinga - One of the largest restaurant companies in the world is a staple for fast food with value offerings and items that appeal to kids. McDonald’s Corporation (NYSE: MCD) has launched many new food items and marketing initiatives over the years, including the launch of the Happy Meal globally in 1979.
The world’s richest man issued a challenge to McDonald’s involving cryptocurrency and the iconic Happy Meal. Here’s a look at how investors might have performed by investing during this key moment in history.
What Happened: Cryptocurrency Dogecoin (CRYPTO: DOGE) enjoyed a strong 2021 with catalysts like companies using the meme coin in marketing and tweets coming from Mark Cuban and Elon Musk helping to create awareness and momentum.
Over the last two years, more retailers have begun accepting Dogecoin as a payment option for goods and services, including Tesla.
One company that has not launched mass acceptance of Dogecoin yet is McDonald’s. Other restaurant companies like Burger King and MrBeast Burger have utilized campaigns to accept Dogecoin as a marketing tactic and to appeal to the strong Dogecoin community.
Elon Musk, a prominent supporter of Dogecoin, offered a challenge to McDonald’s in January 2022. He proposed eating a Happy Meal on television if McDonald’s accepted Dogecoin as a payment option.
The tweet from Musk came after speculation grew that McDonald’s was planning to accept Dogecoin, which turned out to be untrue.
In January 2023, Musk confirmed that his challenge was still standing: he would eat a Happy Meal on television if McDonald’s began accepting Dogecoin.
The Happy Meal was launched globally by McDonald’s in 1979 and has been one of its biggest hits.
Tweets by Musk about Dogecoin have often sent the price higher, including those about McDonald’s. Here’s a look at the return on Dogecoin since Musk’s tweet related to McDonald’s.
Related Link: How To Buy Dogecoin (DOGE)
Investing $1,000 in Dogecoin: An investor could have speculated on Dogecoin based on the tweet from Musk, with the cryptocurrency likely heading higher if McDonald’s followed through with the offer and announced the acceptance of the crypto as a payment option.
A $1000 investment at the time of Musk’s tweet could have purchased 6918.88 DOGE based on a price of $0.144532 at the time.
The $1,000 investment would be worth $440.59 today, based on a price of $0.06368 for DOGE at the time of writing. This represents a decline of 55.9% since the Musk challenge to McDonald’s was tweeted.
The same $1,000 invested in McDonald’s stock over the same time period would be up 4.9%, or a gain of $49.45, good enough to buy a couple of Happy Meals.
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