In a recent development that has sent shockwaves through the crypto community, Tesla CEO Elon Musk hinted at the possibility of accepting Dogecoin (DOGE) as payment for Tesla vehicles. The revelation came during an event at Tesla’s Berlin Gigafactory, where Musk responded to a question from the audience about Dogecoin integration.
Elon Musk at Giga Berlin today.
“When will I be able to buy a Tesla with dogecoin?”
“At some point I think we should enable that.” 😂🔥 pic.twitter.com/Suk7bifuHC— Sir Doge of the Coin ⚔️ (@dogeofficialceo) March 14, 2024
Musk stated, sparking a frenzy among Dogecoin enthusiasts. The meme-inspired cryptocurrency, which has long been a favorite of Musk’s, saw its value surge by nearly 8% within 24 hours of the announcement, reaching approximately $0.185 and boasting a market capitalization of around $26.5 billion.
Musk’s endorsement of Dogecoin is not new. The billionaire entrepreneur has been a vocal advocate for the token, often referring to it as “The People’s Crypto.” In January 2022, Tesla began accepting Dogecoin for merchandise purchases, further solidifying Musk’s support for the digital currency.
Interestingly, fans of Tesla recently discovered a mention of Dogecoin in the code for the company’s Cybertruck checkout page, fueling speculation about the potential acceptance of DOGE for the highly anticipated futuristic vehicle. However, an official statement from Tesla or Musk regarding this matter has yet to be released.
During his visit to the Tesla Gigafactory near Berlin, which followed an arson attack on a nearby electricity pylon that temporarily halted production, Musk explained his reasoning behind supporting Dogecoin. He noted that while many wealthy individuals backed Bitcoin, the regular workers at his SpaceX and Tesla factories were asking him to support Dogecoin.
“Doge is the people’s crypto, so I will support it.”
Musk declared, emphasizing his commitment to the currency favored by the general public. The billionaire’s comments have historically significantly impacted Dogecoin’s performance, with the token witnessing a 78% rally in March alone.
The potential for Dogecoin’s mainstream adoption has been further fueled by recent developments surrounding Musk’s “everything app” X (formerly Twitter). The creation of an ‘XPayments’ account for the app’s upcoming payments feature has sparked intense speculation within the crypto community about the possible integration of cryptocurrencies into the platform.
As anticipation builds for the introduction of in-app payment services on the X app by mid-2024, questions remain about the extent of the feature’s support for digital currencies. While it is unclear whether the payment system will venture beyond traditional fiat currencies, the crypto community is abuzz with the possibility that Musk may use this opportunity to further mainstream Dogecoin, aligning with the vision of his ardent supporters.
As the crypto world eagerly awaits further developments, the spotlight remains firmly on Musk and his various ventures. The potential integration of Dogecoin into Tesla transactions, combined with the possibility of its inclusion in the X app’s payment system, could mark a significant turning point for the meme-inspired cryptocurrency. If realized, these moves could propel Dogecoin from its humble beginnings as an internet meme to a widely accepted form of payment across multiple platforms, reshaping the landscape of digital transactions and solidifying its place in the world of cryptocurrencies.
