HomeNewsElon Musk: Dogecoin Could Play Role in Tesla Purchases in the Future

Elon Musk: Dogecoin Could Play Role in Tesla Purchases in the Future

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  • Elon Musk is considering the adoption of Dogecoin as a payment option for Tesla cars shortly.
  • After Musk’s declaration, Dogecoin saw a 17.3% rise, underscoring Musk’s ongoing endorsement of DOGE.

Tesla’s CEO, Elon Musk, has suggested that Dogecoin (DOGE) might eventually be accepted as a valid payment option for buying Tesla cars.

During a public engagement on March 13 at the Berlin Gigafactory, a production site for Tesla, an individual inquired about the feasibility of purchasing a Tesla with DOGE soon. Musk positively acknowledged this inquiry, stating, “I believe at some point we should make that possible.”

This announcement sparked enthusiasm among the investment community, leading to a noticeable uptick in the cryptocurrency’s value. Dogecoin saw its price rise from $0.172 to $0.188, indicating a 17% increase as the clip gained traction on X.

Musk mentioned that fans can still use DOGE to buy Tesla merchandise and showed his support for the altcoin by reiterating “Dogecoin to the moon”, so we covered it on ETHNews.

Musk’s endorsement of DOGE came after employees at the Tesla Gigafactory recommended adopting Dogecoin as an authorised payment method. Visitors at SpaceX echoed this sentiment, advocating for Dogecoin’s support, which Musk agreed to, stating, “Doge is the crypto of the masses, and thus, I’ll back it.”

Musk pointed out that while Bitcoin garnered backing from affluent individuals, he aimed to champion a cryptocurrency that resonated more with the wider population.

Spurce: X

Moreover, Musk’s “all-in-one app”, X (previously known as Twitter), has recently set up an ‘XPayments’ account in anticipation of a new payment functionality, sparking discussions on the potential inclusion of Dogecoin as a payment option.

Expectations are building for the introduction of payment features within the X app by the middle of 2024. However, it’s still unclear whether these payment options will include alternatives to conventional fiat currencies, or if Musk will fulfill his supporters’ hopes of bringing Dogecoin into the mainstream.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628