Tesla, the electric car company owned by Elon Musk, may soon resume accepting Dogecoin (DOGE) payments, despite the fact that a Bitcoin (BTC) payment option for its merchandise appears to be a distant possibility in the coming months.
Musk has expressed his intention to reinstate the Dogecoin payment option for Tesla merchandise purchases, a meme coin inspired by the Shiba Inu.
This follows his recent victory in a $258 billion lawsuit that alleged he manipulated the price of Dogecoin using his X (then Twitter) account.
Dogecoin enthusiasts have expressed their satisfaction with Elon Musk’s most recent response to an X user.
When asked, “Who else would like Tesla to reinstate the Dogecoin payment option for merchandise?” The industrialist responded with a simple “Me.”
Musk’s declaration that he aspires to have the original meme coin returned to the Tesla website for merchandise payments suggests that it is feasible in the near future, as he is in an exceptional position to guarantee its return.
The DOGE payment feature was introduced by Tesla in January 2022, but it was withdrawn a few months later due to the rise of crypto winter.
The CEO of Tesla/SpaceX recently reaffirmed his affection for Dogecoin, acknowledging that he has a “sensitive place” for the top meme coin and insinuating that he was not inclined to favor other cryptocurrencies.
Additionally, Musk’s most recent court victory may serve as an incentive for him to reactivate DOGE payments for Tesla products. In a lawsuit in which disgruntled investors accused the eccentric CEO and his company, Tesla, of allegedly influencing the memecoin’s price and pocketing profits on their Dogecoin tokens at their expense, a Manhattan magistrate absolved them of any misconduct.
The electric vehicle manufacturer can now accept Dogecoin payments at its store, as the legal dispute has ceased to exist. DOGE would undoubtedly benefit from such an action, which could potentially propel its price to an exponentially higher level as the cryptocurrency gains more utility.
Musk stated in March that Tesla would accept Dogecoin as a legitimate form of payment for its electric vehicles “at some point” in the future.
During that time, Musk explained to the public why he openly backs DOGE instead of other cryptocurrencies. He said that while “plenty of affluent people were backing Bitcoin,” the Line Workers at his SpaceX and Tesla plants begged him to promote the dog-themed currency.
Another reason why the Dogecoin community is anticipating the meme coin’s integration into the X in-app payment service, which is scheduled to launch later this year, is Musk’s promotion of Dogecoin. However, Musk has previously advised individuals to refrain from investing all of their funds in Dogecoin.
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