Tesla will soon accept the cryptocurrency Dogecoin as payment at its Santa Monica supercharging stations, Elon Musk, Tesla’s chief executive officer (CEO), tweeted on Saturday morning, February 19, 2022. Following this statement, Dogecoin prices began to rise.
Rayan Zohoury, the creator of Tesla Console, stated in a tweet that only 10 minutes after the option to take Dogecoin was made, the Santa Monica supercharging stations were completely filled by consumers. Musk responded to this offer by outlining his intentions to build a diner or drive-in cinema at the supercharging stations. Customers will undoubtedly be able to make payments in Dogecoins against both pre-planned facilities.
When it comes to cryptocurrency, there are several coins and tokens available. Dogecoin is one such example. It was founded in 2013 by software programmers Billy Markus and Jackson Palmer as a speedier but more “fun” alternative to Bitcoin, with features such as open-source mining code (for those newbies). This cryptocurrency exploded in popularity shortly after its inception; people appreciated the fact that they could participate without having extensive understanding of technology! Additionally, the logo alludes to a prominent online phenomenon known as the “Shiba Inu meme.”
Elon Musk Kept His Promises
The current development is part of Musk’s December statement that Tesla, the world’s largest maker of electric vehicles, would test Dogecoin as a method of payment for its merchandize. “Tesla will make some stuff available for purchase via Doge and see how it works,” Musk said in a tweet – a choice that has proven to be successful.
The company sells apparel such as t-shirts and hats, as well as belt buckles; miniature versions of their vehicles (including an awesome “Cyber Quad” bike); quad bikes called CyberQuads–appropriate only if you’re too young to remember what real bikes looked like before electric power rendered them obsolete–and finally sudu Startups.
During recent interviews with an upcoming Time Magazine, Tesla and SpaceX CEO Elon Musk expressed a preference for Dogecoin above other cryptocurrencies, including Bitcoin.
Musk declared; Bitcoin has a low transaction value and a high cost per transaction. As a result, it is useful as a store of value on a spatial level. However, Bitcoin is not a suitable alternative for transactional money on a basic level.
It’s worth noting that Dogecoin’s development was a farcical joke, despite the fact that it performs far better than other cryptos in terms of transaction speed.
All of the news above demonstrates that Elon Musk, CEO of Tesla, is an ardent supporter of Dogecoin. A Twitter exchange between Musk and Binance CEO Changpeng Zhao (CZ) demonstrates their interest in cryptocurrency. However, significant transaction issues have lately arisen between Dogecoin and the Binance cryptocurrency exchange. Thus, SpaceX’s creator and a wealthy investor expressed worry about the Dogecoin investments.
Also Read: Belgian Member Of Parliament Is So Bullish On Bitcoin That He Converted His Entire Salary To Bitcoin
Wallets