Tesla accepts Dogecoin payments
Anyone current with cryptocurrency news will assert the fact that for some time now; a prominent icon by the name of Elon Musk has been making waves on social media. Every comment he makes about any cryptocurrency either leads to the rise of digital currency or its fall. It, at some point, led to crypto enthusiasts creating a stop Elon cryptocurrency all in a bid to show how the icon’s tweet has been affecting them. One of the coins he tweeted about is the meme Dogecoin. This article aims to talk about Dogecoin’s acceptance by Tesla for merchandise.
Elon Musk is one of the prominent figures in the crypto world. He is the owner of Tesla company and SpaceX. He is rated as one of the richest men on earth and comes first on the ladder of investment, business and money. He announced some time ago (2021) that Tesla will be taking Bitcoin as payment for the company’s car Tesla which led to a drastic increase in Bitcoin’s price. However, a few months later, he changed his mind and canceled payments in Bitcoin, arguing that it is because of the environmental consequences that come with mining this digital currency. He however insists that “if the price of Bitcoin goes down, I lose money. I might pump, but I won’t dump. I definitely do not believe in getting the price high and selling or anything like that. I would like to see Bitcoin succeed.”
One positive comment raised the coin’s value to more than 4000%
For the record, Dogecoin is a decentralized cryptocurrency that started off as a meme coin. It was created by Bill Marcus and Jackson Palmer to create crypto assets that would be understandable by a majority of people, and of course, be different from Bitcoin. After the tweet on Bitcoin made by Elon Musk in early 2021 and the effects of his tweets concerning Bitcoin and Dogecoin, there seems to be a break until 2022. This little break was a result of the effects his comments turned things around for investors, especially negatively. For example, in 2021 he only gave a positive comment about Dogecoin and it raised the coin’s value to more than 4000%. In the year 2022, Elon strikes another chord by announcing that Tesla will be accepting Dogecoin for the purchase of their merchandise. We can already attest that every tweet made by Elon concerning any cryptocurrency either pushes the coin higher or brings down the value of the coin. This recent development will take a toll on the cryptocurrency in question.
Dogecoin is the only digital currency Tesla accepts
However, Musk deciding to settle for Dogecoin in the meantime does not mean that he has ruled out the chances of other cryptocurrencies like Bitcoin. Musk is a supporter of cryptocurrency and has often endorsed dogecoin believing that it is better for transactions. He made these conclusions most recently, in an interview with the Times magazine. For now, after Tesla’s decline of taking Bitcoin for the purchase of Tesla vehicles, Dogecoin is the only digital currency Tesla accepts. We always have the idea that Tesla only sells electric vehicles. However, its items available for purchase comprise Tesla-built buckles that cost 835 doge and children’s all-terrain vehicles at 12020 Doge. These purchases interestingly are non-refundable.
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Fenui Perpetua, Team bit4you.