Elon Musk Is A Dogecoin Savior As Tesla Now Allows The Cryptocurrency
Elon Musk has said that Tesla will be experimenting with cryptocurrency as they are now accepting Dogecoin for merchandise. This is huge because Elon Musk made the announcement on his Twitter where he has 66.5 million followers as he continues to embrace and push crypto, helping fuel alternative finance. Musk tweeted “Tesla will make some merch buyable with Doge & see how it goes.” Dogecoin went up massively after the tweet as Elon Musk continues to make Dogecoin more and more popular each day as ever since he started tweeting about doge as a joke he has helped it go up 5,859% over the past year, according to Coinbase data. In the Tesla shop you can find anything from belt buckles and bomber jackets to electric ATVs and floor mats. Musk and Tesla also stated earlier this year that they have invested $1.5B in Bitcoin while also reporting a $1.26B return in “digital assets” at the end of Q3, Musk also tweeted back in May that Tesla has suspended car purchases using Bitcoin as he cited that there has been an increased use of fossil fuels for Bitcoin mining and transactions. It is unclear if Tesla will ever have Dogecoin coin purchases, as of now one Dogecoin is worth $0.173212 and a Tesla Model X is about $80,000 which would require the buying of $461,861 worth of Dogecoin.