- Tesla accepts the Shiba-Inu-themed cryptocurrency Dogecoin as a payment method.
- Dogecoin price is up 15% within the past 24 hours as investors are bullish on the boost in utility.
- Elon Musk, Tesla’s billionaire CEO, believes that Dogecoin is better for transactions than Bitcoin.
Elon Musk, tech billionaire and CEO of Tesla, announced that the electric car manufacturer will accept Dogecoin payments. The company will accept the memecoin as a payment method for some of its merchandise.
Tesla open to Dogecoin payments
Earlier on Tuesday, Elon Musk tweeted that Tesla will make merchandise buyable with Dogecoin and “see how that goes”. Musk’s tweet comes after weeks of Dogecoin holders asking Tesla to accept the memecoin as a payment method.
Tesla will make some merch buyable with Doge & see how it goes
— Elon Musk (@elonmusk) December 14, 2021
Tesla’s acceptance of Dogecoin has fueled a bullish narrative in the memecoin’s price, pushing daily gains above 25%. The use of Dogecoin for buying Tesla merchandise is likely to drive the utility and adoption of the memecoin higher.
Named Time magazine’s person of the year, Musk told in an interview that Dogecoin is better for transactions than Bitcoin.
Musk said,
The transaction value of Bitcoin is low, and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency.
The billionaire believes that though Dogecoin was created as a joke, it is better suited for transactions. He adds,
Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin is… transactions per day has much higher potential than Bitcoin.
Musk believes that Dogecoin encourages people to spend rather than hoard it as a store of value. This makes the memecoin superior to Bitcoin when it comes to being used as a payment method.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.