Elon Musk Hints at Dogecoin Payments for Tesla
Musk expressed his support for Dogecoin, referring to it as people’s crypto, and indicated his desire to back a cryptocurrency preferred by the general public, unlike Bitcoin, which he suggested is favored by wealthy individuals.
Elon Musk, the CEO of Tesla, has suggested that Dogecoin could potentially become an official payment method for purchasing Tesla cars at some point. During an interaction with the public at the Berlin Gigafactory, Musk responded positively to a query from an audience member about the possibility of using Dogecoin to buy Tesla in the future, stating, at some point, I think we should enable that.
Musk's statement has generated excitement among investors, leading to a sudden surge in the market price of Dogecoin. Following Musk's remarks, Dogecoin experienced a 9.3% increase in value, rising from $0.172 to $0.188.
While Dogecoin is already accepted for purchasing Tesla merchandise, Musk's endorsement of the cryptocurrency stems from requests made by employees at the Tesla Gigafactory and visitors at SpaceX. Musk expressed his support for Dogecoin, referring to it as people’s crypto, and indicated his desire to back a cryptocurrency preferred by the general public, unlike Bitcoin, which he suggested is favored by wealthy individuals.
Musk's social media platform, X (formerly Twitter), recently created an 'XPayments' account, sparking speculation within the crypto community about the potential implementation of cryptocurrencies for in-app payments. Although it's anticipated that the X app will introduce in-app payment services by mid-2024, it remains uncertain whether Musk will extend support for cryptocurrencies beyond traditional fiat currencies or fulfill the vision of mainstreaming Dogecoin as suggested by his fans.
