Tesla to accept Dogecoin as payment? Elon Musk tweets to gauge response
Tesla to accept Dogecoin as payment? Elon Musk tweets to gauge response
Elon Musk, a billionaire and cryptocurrency enthusiast, asked his 54 million Twitter followers on Tuesday if they wanted Tesla to accept Doge, a digital currency worth roughly 48 cents (roughly Rs. 35) that has no real-world use.
The question, which comes in the form of a Twitter poll, comes after he referred to Dogecoin as a "hustle," After a 700 percent gain in a month, the meme-inspired cryptocurrency's price has plummeted.
Musk is the owner of many futuristic businesses, including SpaceX and Neuralink, and is one of the world's wealthiest individuals. He has used his open Twitter account to express his thoughts on cryptocurrencies, including bitcoin, and has had a significant impact on their price.
The price of Dogecoin has dropped since Elon Musk referred to it as a 'Hustle.'
Musk announced in March that US customers will be able to buy Tesla cars with Bitcoin, a big move forward for the cryptocurrency's use in commerce. Earlier this year, the electric-car manufacturer purchased $1.5 billion (roughly Rs. 10,930 crores) in Bitcoin, sending its price to new highs.
To buy the cheapest Tesla Model 3 vehicle, one will need nearly 80,000 Dogecoins or 0.7 Bitcoin at current prices.
Dogecoin was last up 9% at $0.507, according to data tracker CoinGecko.com (roughly Rs. 37).
Musk's Dogecoin poll received over 3.3 million responses in the first 12 hours after it was released, with nearly 80% of those who voted in favour of the new payment form.
It comes after Musk announced that SpaceX will accept Dogecoin as payment for a lunar mission next year.
The digital currency's small supply continues to drive its value as it gains popularity for commercial transactions. Dogecoin, on the other hand, started as a social media joke in 2013 with a shiba inu dog as its mascot, and has since grown in popularity. has an infinite supply and is only sometimes used to pay for goods.
Dogecoin's value has increased by more than 700% in the last month, making it the fourth-largest digital currency. It reached a new high of over 73 cents on Thursday.
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The SEC has previously investigated the billionaire's tweets., His recent comments about cryptocurrencies, on the other hand, have not landed him in any regulatory trouble so far.
Tesla shares were down 1.3 percent in late trading on the Nasdaq, trading at $621 (roughly Rs. 45,610) a share, after Reuters announced that the US electric car maker had halted plans to buy land to expand its Shanghai factory.
Elon Musk, the CEO of Tesla, has been a strong supporter of Bitcoin and seems to be equally enthusiastic about Dogecoin.
Tesla was the first automotive company in the world to recognise Bitcoin as a form of payment for its electric vehicles in the United States, and Dogecoin may soon follow suit. Dogecoin is a cryptocurrency that, like Bitcoin, has a Shiba Inu dog from a meme as its emblem.
Related post : Elon Musk Says Dogecoin Could Be Cryptocurrency's Future, But Warns Followers to 'Invest With Caution'
Billy Markus and Jackson Palmer invented Dogecoin as a means of payment, but it was intended to be a joke. The fact that Dogecoin's value has skyrocketed is no laughing matter. And, as with Bitcoin, there is no upper limit, so there may be about 100 billion Dogecoins in circulation.
But why does Tesla seem to be so willing to consider it as a method of payment?
Elon Musk, the CEO of Tesla, has been a strong supporter of Bitcoin and seems to be equally enthusiastic about Dogecoin. He recently asked his millions of Twitter followers if Tesla should accept it as payment. An overwhelming 71 percent of respondents said it should be accepted at the time of writing this report, which was 19 hours after Musk's tweet..
Dogecoin has come a long way for a cryptocurrency that was born from a hashtag, created as a joke, and was usually not taken seriously until recently. Its market capitalization has risen from about $1 billion in early January to well over $45 billion by the end of April
Making purchases with cryptocurrencies, on the other hand, can be difficult due to the high volatility of these currencies. However, since companies like Tesla and Musk have been holding interest levels high by making references and announcements about cryptocurrencies, the highs could last for a long time.
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