Famed entrepreneur Elon Musk, CEO of Tesla and a fervent advocate of Dogecoin, recently revealed his intention to accept the crypto as an official payment method for the purchase of Tesla vehicles in the near future.
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Dogecoin, Tesla’s future currency
Despite controversies surrounding his actions, including accusations of manipulating the price of Dogecoin through his various statements on this memecoin, the boss of X made an announcement that pumped DOGE in a matter of minutes.
This Wednesday, March 13, during an interaction with the public at the Gigafactory in Berlin, Musk answered positively to a question about the possibility to buy Tesla cars using Dogecoin.
At some point, I think we should allow that.
Elon Musk
This statement follows requests from employees and visitors to Tesla and SpaceX wishing to include memecoin as an official payment method.
The announcement immediately impacted the price of DOGE, which rose by 14%. Following the broadcast of the video on X. Musk reiterated his support for altcoin by declaring “Dogecoin to The Moon” and pointing out that fans can still use DOGE to buy Tesla products.
According to Musk, his choice to support the Dogecoin is motivated by his desire to promote a crypto preferred by the general public, unlike Bitcoin, which has received the support of many rich people. He declared, “Doge is the crypto of the people, so I will support it.”
A bright future for Dogecoin
The announcement by Elon Musk regarding the future acceptance of Dogecoin as a means of payment for Tesla cars opens up new prospects for this cryptocurrency. Since January 14, 2022, Tesla has already been accepting payments in Dogecoin for its company’s merchandise.
Alongside developments at Tesla, Elon Musk’s recently acquired X app is expected to integrate payment services by mid-2024. However, it has not yet been confirmed whether the feature will support crypto payments in addition to fiat currencies, nor whether Musk will pursue his fans’ vision of integrating the Dogecoin.
Elon Musk’s special support for Dogecoin seems to be part of a broader project to create a universal platform. It remains to be seen whether this initiative will materialize, and whether it will form part of a wider project to integrate cryptos on the X platform.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
