Dogecoin gained a boost when Elon Musk made it clear that Tesla will accept dogecoin in exchange for certain products. Musk has just been named Time Magazine’s Person of the Year and said that DOGE is more suitable for transactions than bitcoin.
Tesla to Accept Dogecoin
Elon Musk, Tesla CEO has made it clear via Twitter that DOGE (dogecoin) will be accepted by his electric vehicle company. In a tweet Tuesday morning, Musk wrote: “Tesla will make some merch buyable with doge & see how it goes.”
The announcement came just one day after Musk was named Time Magazine’s Person of the Year and said that dogecoin is better suited for transactions than bitcoin. Tesla CEO Elon Musk noted that BTC is better as a store-of-value.
The price of dogecoin popped 28.5% from $0.1699 at the time of Musk’s tweet to $0.2183 in just over an hour based on data from Bitcoin.com Markets.
Tesla is still not accepting bitcoin. Tesla, an electric vehicle company, began accepting bitcoin in March. The company stopped accepting Bitcoin in May, citing environmental concerns. Musk later said that Tesla will resume accepting BTC “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”
Tesla has BTC in its balance sheet, worth approximately $1.26 million at the close of Q3. Tesla does not currently own DOGE. Musk has previously stated that he owns bitcoin and dogecoin.
Musk previously suggested that Tesla would accept dogecoin. Musk set up a Twitter poll asking followers whether Tesla should accept DOGE. A total of 78.2% agreed. Since then, he has revealed that he sees the meme cryptocurrency as the people’s crypto. In August, he agreed with Shark Tank star Mark Cuban, the owner of the NBA team Dallas Mavericks, that “The community for doge is the strongest when it comes to using it as a medium of exchange.”
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