Elon Musk, the famous CEO of Tesla, has mentioned on Twitter that he wants to allow Dogecoin as a payment method for some Tesla products. Following this tweet the cryptocurrency increased its value by almost 25%. To mark the end, the millionaire took to Twitter again to say, “Tesla will make some products ‘buyable’ on Dogecoin and see how it works”.
Dogecoin at Tesla will become a payment system
Worldwide, Tesla sells clothing, “Giga Texas” belt hooks and mini models of its vehicles and original limited edition products. Elon Musk believes in cryptocurrencies. The millionaire has consistently supported Dogecoin and said it is more suitable for currency exchange than Bitcoin and should instead be kept as a store of value. He last spoke about Dogecoin in an interview with Time magazine. On Monday, December 13, the magazine also selected Elon Musk as the Person of the Year for 2021.
In a Twitter poll, the CEO of a US company asked users in May whether Tesla should accept Dogecoin as a payment method. With more than 66 million Twitter followers, Musk actively participates in the rise and fall of cryptocurrencies and publishes cryptocurrency tweets.
Dogecoin is “appropriate” according to Elon Musk
The electric car maker first sold the merit of Bitcoin and accepted it as a form of payment. The company then stopped accepting bitcoin to buy the car within two months, resulting in a prolonged fall in prices throughout the summer. According to Muskin, more transactions in the Bitcoin blockchain will lead to higher energy consumption.
Although this was initially a joke, the millionaire pointed out that Dogecoin is well suited to handle a large number of transactions. On the contrary, he said Bitcoin was “not a good alternative to exchange currencies” due to its low trading volume and high cost per transaction.
Dogecoin founder Billy Marcus seems to agree with this. Musk, who co-founded with PayPal, tweeted that he “knew something about money.”
Frenetic race of Dogecoin continues
Dogecoin is a cryptocurrency like Bitcoin or Ethereum, although it is very different from these two popular tokens. Dogecoin was originally created as a joke for crypto enthusiasts. Its name comes from a once famous monument. Despite this visionary story, its popularity soared in 2021.
Dogecoin was introduced as a comedy in 2013, inspired by his name Shiba Inu, which has caused a viral stir. In May, after Musk was advertised on social media, the value of Dogecoin reached 69 cents. Dogecoin was developed in late 2013 by engineers Billy Marcus and Jackson Palmer. Palmer used the then-famous monument to identify the cryptocurrency with the intentionally misspelled word “doge” to describe Shiba Inu.
First, a group of activists ran advertising campaigns to promote Dogecoin’s image, such as raising funds to send a Jamaican slate team to the 2014 Olympics or sponsoring a NASCAR driver.
In early 2021, Dogecoin gained a prominent position on some social networks, with believers promising to “push its value towards the moon”. Today, Dogecoin is no longer a joke, and it is the payment system of one of the largest companies in the world. Its value exploded in 2021 and increased by more than 5,000%.