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Elon Musk Reveals Plans to Accept DOGE for Tesla Automobile Purchases “At Some Point”

by BSC News

March 14, 2024

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While Musk expressed enthusiasm for the idea, he emphasized that the implementation timeline remains uncertain.

Elon Musk announced intentions to integrate Dogecoin (DOGE) as a viable payment option for purchasing Tesla vehicles. The announcement was made during Musk's visit to Tesla's manufacturing facility, Giga Berlin, where he addressed queries regarding the possibility of using Dogecoin for car purchases.

"When can you buy Tesla with Dogecoin? At some point, I think we should enable that," Elon Musk said.

He affirmed that currently users can purchase Tesla merchandise with Dogecoin.

Support for Dogecoin

Elon Musk's affinity for Dogecoin is no secret, as he has previously expressed admiration for the dog-themed memecoin on numerous occasions. 

Musk's endorsement of Dogecoin was the result of suggestions from employees at Tesla Gigafactory and SpaceX visitors, urging him to adopt Dogecoin as an official payment method. The Tesla CEO noted that he prefers supporting cryptocurrencies favored by the general public versus solely catering to rich consumers.

Speculation Surrounding X App's Payment Feature

The crypto community has been stirred up by Musk's recent activities, particularly the creation of an 'XPayments' account on his "everything app", X (formerly Twitter). 

Anticipation mounts as enthusiasts await the potential implementation of cryptocurrencies within the app's payment feature, slated for a mid-2024 rollout. It remains uncertain whether Musk will extend support for cryptocurrencies beyond traditional fiat currencies or uphold Dogecoin as proposed by its supporters.

Despite Musk's latest endorsement of Dogecoin, his previous comments hint at a potential decline in interest towards cryptocurrencies. Last year, Musk stated a diminished focus on cryptocurrencies, signaling a shift in priorities. 

Additionally, he refuted claims of launching a crypto token on X, emphasizing a divergence from crypto-related ventures.

Following Musk's announcement, Dogecoin's price surged by jumping from $0.1661 to $0.191 within a few hours and currently trading at $0.1834 at the time of writing. 

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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