Elon Musk announced Tuesday morning that Tesla would accept dogecoin for some products, giving dogecoin a boost. Musk, who was recently named Time Magazine’s Person of the Year, believes that DOGE is better for transactions than bitcoin.
Tesla is going to start accepting Dogecoin
Elon Musk, the CEO of Tesla, announced on Twitter that some of his electric car company’s products would accept dogecoin (DOGE). “Tesla will make some merch buyable with doge & see how it goes,” Musk wrote in a tweet Tuesday morning.
Musk, who was named Time Magazine’s Person of the Year the day before, said that dogecoin is better suited for transactions than bitcoin in his announcement. According to the Tesla CEO, BTC is better suited as a store of value.
According to data from Bitcoin.com Markets, the price of dogecoin jumped 28.5 percent from $0.1699 at the time of Musk’s tweet to $0.2183 in just over an hour.
Tesla, on the other hand, has yet to resume accepting bitcoin. In March, the electric car company began accepting BTC. However, it stopped accepting the cryptocurrency in May due to environmental concerns. Tesla will resume accepting Bitcoin, according to Musk. “Tesla will resume allowing Bitcoin transactions once reasonable (50 percent) clean energy usage by miners is confirmed with a positive future trend.”
Nonetheless, at the end of Q3, Tesla still had $1.26 billion in BTC on its balance sheet. As a result, DOGE is not owned by the company. On the other hand, Musk has previously stated that he owns dogecoin, bitcoin, and ether.
Tesla is expected to accept dogecoin, according to Musk. In May, he polled his followers, asking if they thought Tesla should accept DOGE. Yes, said 78.2 percent of those polled. Since then, he’s stated that he considers meme cryptocurrency to be the people’s cryptocurrency. “The community for doge is the strongest when it comes to using it as a medium of exchange,” he agreed with Shark Tank star Mark Cuban, the owner of the NBA team Dallas Mavericks, in August.
MORE:
Comment Template