Breaking: Elon Musk Says Tesla will add Dogecoin (DOGE) Payment for its Merch Store

By Prashant Jha
Published December 14, 2021 Updated December 16, 2021
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Breaking: Elon Musk Says Tesla will add Dogecoin (DOGE) Payment for its Merch Store

By Prashant Jha
Published December 14, 2021 Updated December 16, 2021

TIMES person of the year Elon Musk is doubling down on his Dogecoin (DOGE) payment take as he announced Tesla will accept DOGE payments for some of its merchandise.  Musk in a tweet said the company would see how Dogecoin payment works with the system.

The announcement comes just a day after Musk claimed DOGE could work as a better payment system than Bitcoin (BTC). Musk made those comments in his TIMES interview where he claimed BTC is not suitable for daily payments.

“Fundamentally, bitcoin is not a good substitute for transactional currency,” Musk told Time Magazine after being named Time’s 2021 Person of the Year. “Even though it was created as a silly joke, dogecoin is better suited for transactions.”

Musk is often referred to as the unofficial CEO of Dogecoin and he has played a key part in sending the meme currency to an all-time high of $0.7376.

DOGE Price Jump 20% in the Wake of Tesla Announcement

The price of DOGE bounced 20% within minutes of the Elon Musk announcement. The meme currency rose from a daily low of $0.152 to the current price of $0.195. The altcoin has seen a constant decline ever since hitting the ATH in May, and even Musk’s shilling hasn’t helped it to make a recovery before this.

Source: TradingView

Dogecoin could use the opportunity to make a comeback after nearly 8-months of price downturn and Musk has again turned a savior for the meme currency.

The addition of Dogecoin as a payment option for merch and Musk’s comment about BTC not being a good mode of transactions could also suggest that the electric car maker won’t be adding back the BTC payment option anytime soon. Musk has earlier claimed that, if the majority of Bitcoin mining goes green, he would eventually restart the Bitcoin payment option.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1277 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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