Elon Musk, who was chosen as the person of the year by TIMES, remains committed to Dogecoin (DOGE) payments and announced that he will accept DOGE payments for some of Tesla’s products. In a tweet published today, Musk stated that the company will investigate how Dogecoin payments work with the system.
“Tesla will make some products available for purchase with Doge and we’ll see how it goes.”
Tesla will make some merch buyable with Doge & see how it goes
— Elon Musk (@elonmusk) December 14, 2021
The announcement comes just a day after Musk claimed that Dogecoin could work as a better payment system than DOGE Bitcoin (BTC). Musk said these words in an interview with TIMES, where he claimed that Bitcoin is not suitable for daily payments.
After being named 2021 Person of the Year by Time magazine, Musk made the following comments:
“Bitcoin has low trading volume and high cost per transaction. It is at least suitable as a primary means of savings, but basically Bitcoin is for transactional currency. not a good alternative. Although it was created as a silly joke, Dogecoin is more suitable for transactions.”
Musk is often referred to as the unofficial CEO of Dogecoin, and the meme played an important role in sending the cryptocurrency to an all-time high of 0.7376. The same happened today, and it rose 20 percent after Elon Musk announced that Dogecoin would accept Dogecoin payments at the Tesla Merch Store.
DOGE Price Increases By 20% After Tesla Announcement
DOGE’s price jumped 20 percent within minutes of Elon Musk’s announcement. The meme cryptocurrency surged from a daily low of $0.152 to its current price of $0.195. The altcoin has seen a steady decline since hitting ATH in May, and even Musk’s encouraging tweets haven’t helped the meme currency rebound so far.
If Dogecoin can use this opportunity to make a comeback after nearly 8 months of price decline, Musk could again become the meme cryptocurrency’s savior.
The addition of Dogecoin as a payment option for Tesla products, and Musk’s comment that BTC is not suitable for transactions, could also be an indication that the electric car manufacturer will not be adding back BTC as a payment option anytime soon. Musk had previously claimed that if the majority of Bitcoin mining turns green, he will eventually relaunch the Bitcoin payment option.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.