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Dogecoin Will Be Used to Buy Tesla Cars

14 Mar, 2024 Coin news

Dogecoin Will Be Used to Buy Tesla Cars

Elon Musk, the CEO of Tesla, suggested that his electric car company might integrate Dogecoin as an official payment option for purchasing Tesla vehicles in the future.

During an interaction with the public at the Berlin Gigafactory on March 13, Musk entertained a query from an audience member regarding the possibility of buying Tesla cars with Dogecoin.

Musk responded affirmatively, stating, "At some point, I think we should enable that."

This statement from Musk sparked excitement among investors, leading to a sudden surge in the market price of Dogecoin.

The token's value rose from $0.172 to $0.188 at the time of reporting, marking a 9.3% increase as the news gained traction.

Musk emphasized that fans could still utilize Dogecoin to purchase Tesla merchandise, showing his ongoing support for the cryptocurrency by reiterating the slogan "Dogecoin to the moon."

Musk's endorsement of Dogecoin began after some employees at the Tesla Gigafactory and visitors at SpaceX urged him to embrace Dogecoin as an official payment method.

He expressed his support for Dogecoin, referring to it as "people's crypto" and stating his preference for a cryptocurrency favored by the general public over one supported primarily by wealthy individuals, like Bitcoin.

Tesla initiated the acceptance of Dogecoin payments for its merchandise on January 14, 2022.

The company clarified that it would exclusively support Dogecoin payments, and any other digital assets sent to Tesla would not be refunded to the sender.

Musk's social media platform, X (formerly known as Twitter), recently created an 'XPayments' account, fueling speculation within the crypto community about the potential implementation of cryptocurrencies in the platform's upcoming payments feature.

There is anticipation that the X app will introduce in-app payment services by mid-2024.

However, it remains uncertain whether the feature will extend support beyond traditional fiat currencies or if Musk will fulfill his fans' vision of mainstreaming Dogecoin.

Sources:

https://cointelegraph.com/news/elon-musk-dogecoin-doge-buy-teslas-at-some-point

https://twitter.com/dogeofficialceo/status/1768087572234793050

https://twitter.com/dogeofficialceo/status/1768087572234793050

https://twitter.com/elonmusk/status/1481873421390680065

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