Tesla supercharging station will take Dogecoin as payment.
On Saturday, Elon Musk, CEO of Tesla and SpaceX, revealed on Twitter that the company's supercharging station will take Dogecoin as payment.
Elon Musk has not specified what users will be able to pay for with the cryptocurrency. Some speculate that Tesla supercharger stations would take dogecoin, while others view Musk's post as referring specifically to the forthcoming Hollywood café and drive-in cinema.
However, this news has had little impact on the price of dogecoin. Dogecoin was trading around $0.1416 at the time of Musk's post. While the price rose slightly to $0.1452, it then dropped to $0.1412.
Nonetheless, advocates of Dogecoin applaud Musk's effort to expand the parody cryptocurrency's popularity. Musk, a strong supporter of both Doge and Bitcoin, has long hinted about using Doge as a payment mechanism across several aspects of Tesla's operations. Doge is accepted at the company's online store, and there have been rumors that Tesla would accept the cryptocurrency as a means of payment for its automobiles in the future.
Last year, Musk stated that because Bitcoin mining is "moving towards sustainable energy," his business would likely begin taking Bitcoin as payment for its electric vehicles. Musk claims that if he determines that Bitcoin mining uses 50% or more renewable energy, Tesla will resume accepting payments.
Due to worries over the usage of fossil fuels in mining, the digital currency was halted in May 2021 due to worries over the digital currency's plummet.
In a tweet on Thursday, he expressed concern about the "huge usage" of coal and other carbon-intensive energies to create the electricity needed to mine digital currency. Tesla said in February of last year that it had acquired $1.5 billion in Bitcoin and planned to accept it as payment, sparking a spike in both the company's stock and the currency.
In a recent interview, he also backed Dogecoin over any other crypto currency.
"The transaction value of Bitcoin is low, and the cost per transaction is high. At least on a spatial level, it is appropriate as a value-storage medium. But, at its core, Bitcoin is not a good alternative for transactional currency, "he added, adding that, despite its origins as a joke, Dogecoin is better suited for transactions.
Musk tweeted in January saying that Tesla would take Dogecoin as payment for some Tesla merchandise.
Musk then attempted to persuade McDonald's to embrace DOGE by eating a Happy Meal on television. Read more here.
Musk also acknowledged that, in addition to Tesla's investment, he has a sizable personal bitcoin position, as well as lesser Ethereum and Dogecoin holdings.
