Tesla CEO Elon Musk announced that the electric car brand will allow people to buy its products by using cryptocurrency Dogecoin.
The richest person on earth tweeted recently after months of speculation that the company will authorize other cryptocurrencies as a mode of payment after bitcoin.
Musk stated that “the company will make some merch with the cryptocurrency and see how it goes.”
According to the reports, it is still unclear what products will be available to be purchased by the cryptocurrency, Dogecoin as the merch of Tesla has increased drastically over the passage of time. There is so much stuff listed such as toys, mugs, clothes, and other novelty items.
As expected, soon after the tweet of Elon Musk, the value of Dogecoin surged to 20% within an hour and by the end of the day, it had increased to 15.2% on overall trading.
Elon Musk who was recently named as the “person of the year” by the Times magazine stated “dogecoin was the best cryptocurrency for transactions as it encourages people to spend instead of hoarding “as a store of value.”
He further stated that “even though it was started as a joke, Dogecoin was better suited for handling large volumes of transactions. In comparison, bitcoin was “not a good substitute for transactional currency” as its transaction volume was low and cost per transaction was high.“
Billy Markus, the founder of Dogecoin endorsed the opinion of Elon Musk completely
Dogecoin was launched as a joke back in 2013. The name was inspired by a Shiba Inu dog that became viral in no time.
In May 2021, the value of the Dogecoin cryptocurrency surged to a record 69 percent after it was grossly promoted by Tesla owner Elon Musk.
The tweets of Elon Musk have played a vital role in making different cryptocurrencies go viral and surge in their face values.