CEO of Tesla Elon Musk tweeted on Saturday morning, February 19, 2022, that Tesla will soon accept cryptocurrency Dogecoin as a form of payment at its supercharging stations in Santa Monica, which are in the city. Prices of Dogecoin started to rise after this news came out, so they went up
Rayan Zohoury, the CEO of Tesla Console, said in a tweet that soon after he made the offer to accept Dogecoin, the supercharging stations in Santa Monica were full of people. In response, Musk said that he planned to open dinner or a drive-in theatre at the supercharging stations. Customers can of course pay with Dogecoins for both of the planned facilities.
In terms of cryptocurrency, there are a lot of different types of coins and tokens that can be bought and sold. As an example, Billy Markus and Jackson Palmer came up with Dogecoin in 2013 as a faster but “fun” alternative to Bitcoin. Dogecoin has features like open mining code that make it easier for people to mine (for those newbies). People were excited that they didn’t have to know a lot about technology to get in on this crypto. It took off right away. There’s also something called the “Shiba Inu meme” that people talk about online a lot.
Elon Musk did what he said.
Musk said in December that Tesla, a big company that makes electric cars, would try out Dogecoin as a way to pay for its products. This is still going on. ‘Tesla will make some merch that can be bought with Doge and see how it goes,’ Musk said in a tweet. This has worked out well.
The company sells t-shirts, hats, and belt buckles, as well as mini models of their vehicles, including a “Cyber Quad” bike. It also sells sudu Startups, which is for people who don’t remember what real bikes were like before electric power made them obsolete.
Tesla and SpaceX chief executive, during the recent interrogations of with an imminent Time Magazine, preferred Dogecoin over the other cryptocurrencies, including Bitcoin.
“The transaction value of Bitcoin is low, and the cost per transaction is high. Therefore, 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.”
It’s important to point out that Dogecoin’s development was a joke, even though it does better transactions than other cryptos.
All of the news above shows that Tesla CEO Elon Musk is a huge fan of Dogecoin, which is why he owns so many. A tweet chat between Tesla CEO Elon Musk and the CEO of Binance, Changpeng Zhao (CZ), is strong proof that both of them are interested in the crypto world. However, recently, there were problems with transactions between Dogecoin and the Binance Crypto exchange. So, the founder of SpaceX and a billionaire investor raised concerns about the investments in Dogecoin that they made.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.