Playing financial expert Lloyd Ostertag — although the character was basically just the Tesla mogul himself — Musk explained of cryptocurrency, “They’re a type of digital money, but instead of being controlled by a central government, they’re decentralized using blockchain technology, and lately, prices have been soaring for cryptos like Bitcoin, Ethereum and especially Dogecoin.”
Co-anchor Michael Che then asked, simply, “What is Dogecoin?”
“Well it actually started as a joke based on an internet meme, but it’s taken off in a very real way,” Musk’s financial expert told Weekend Update.
However, Che kept pushing Musk’s character on what exactly Dogecoin is. Even co-anchor Colin Jost, who said he’s diversifying his portfolio, had a question about the meme crypto: “What is Dogecoin?”
“It’s the future of currency. It’s an unstoppable financial currency that’s going to take over the world,” Musk said. “It’s a cryptocurrency you can trade for conventional money.”
Che responded, “Oh, so it’s a hustle?”
“Yeah, it’s a hustle,” the Dogefather admitted.
After reaching a new high of 73 cents Friday before settling at 69 cents in the hours before Musk’s SNL gig, the value of Dogecoin plummeted during and after the show itself, currently sitting at 44 cents at press time.
Weekend Update also delivered some breaking news Saturday as it informed viewers that the huge Chinese rocket hurtling back to Earth crashed somewhere in the ocean, avoiding catastrophe. “And for once, we know it’s not Elon’s fault,” Jost said. “A lot of people wondering why is he hosting our show, it’s because he needed an alibi.”