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.
Elon Musk’s Support For Dogecoin.
Elon Musk, the billionaire entrepreneur, is a well-known cryptocurrency enthusiast who has frequently declared his support for cryptocurrencies on social media. He has, however, recently focused his efforts on supporting one specific coin, Dogecoin. The SpaceX and Tesla CEO recently reaffirmed his support for the joke coin, stating he would be glad to eat a McDonald's meal on television if the fast-food business accepted Dogecoin payments.
Dogecoin was founded in 2013 by software developers Billy Markus and Jackson Palmer as a speedier alternative to Bitcoin. It began as a spoof on the several fraudulent cryptocurrency currencies that had sprouted up at the time, and it draws its name and emblem from a Shiba Inu meme that went viral several years ago.
Tesla has also revealed that Dogecoin may now be used to purchase Tesla products.
The decision, which increased Dogecoin prices by 14 percent, comes a month after Musk said that Tesla would test the digital currency as a payment alternative. Musk, a prominent proponent of cryptocurrencies, has had a significant impact on the values of Dogecoin and bitcoin, and at one time stated that the firm would accept bitcoin for the purchase of its automobiles before abandoning the notion.