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Elon Musk Announced That Tesla Would Accept Dogecoin for Merchandise 

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Yukesh Prabhu
Yukesh Prabhu
A dedicated student of Journalism with high aspiration in Reporting and content writing. A keen communicator and researcher with an expertise in content curation.

CEO of Tesla and SpaceX Elon musk wrote on Twitter, ‘Tesla will make some merch buyable with Doge and see how it goes. It will undoubtedly go well because Elon Musk’s eccentric gestures in the past have created a lot of debate over the internet.

On Tuesday, Elon Musk announced that the electric car manufacturing firm, Tesla would accept famous meme-based digital currency Dogecoin (DOGE) for some purchases; soon after the announcement from the billionaire, DOGE witnessed an abrupt price increase on December 14. The digital currency market has traveled through oscillations this year; many counties have begun to adopt digital currency; Elon musk, the idol of many youngsters, contributed significant value to cryptocurrency as his tweets charged the cryptocurrency market in respect to the ongoing pandemic. 

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Cointelegraph shared data structures of DOGE currency. The data from Cointelegraph markets Pro and TradingView displays DOGE/USD ascending over 25% to become the only significant cryptocurrency to bring gains on the day. 

After being named TIME Magazine’s “Person of the Year” Yesterday, Musk announced that Dogecoin is “well equipped for transactions” than Bitcoin. “The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin,” Musk said, 

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According to financial filings out late Monday, Elon Musk sold another 934,091 of his shares in Tesla, which is a value of approximately $906.5 million (roughly around Rs.6880 crores).

In addition, earlier this year, Elon Musk made the most prominent cryptocurrency, Bitcoin to fall, after he had posted that the electric vehicle manufacturing firm “suspended vehicle purchases using bitcoin,” moreover, a few months after the big announcement in Twitter, Elon once again tweeted that ” Tesla would be more likely to start accepting of Bitcoin, this man can change the economy of any country in a single tweet which would take roughly about two to three minutes. Furthermore, in June of this year, Musk reaffirmed that if Bitcoin mining were more eco-friendly, certainly Tesla would once again consider beginning the acceptance of cryptocurrency as payment; after today’s announcement, it is most likely that Musk had revamped his idea to block the water with a big stick.

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