Elon Musk Drops Bitcoin, Announces Tesla Will Accept DOGE for ‘Commodities’

Elon Musk, CEO of Tesla and SpaceX, was named “Person of the Year” by Time Magazine. In an interview with the publication, a crypto enthusiast said that the meme-based Dogecoin is much better than Bitcoin for daily payments. According to many billionaires, Bitcoin, the world’s most valuable cryptocurrency, is favored by investors because each token now stores a large amount of fiat money. However, for everyday purchases, Musk said Dogecoin makes a more favorable choice. He then tweeted to announce that Tesla would accept DOGE payments.

At the time of writing, Bitcoin is trading at around $50,553 (approximately Rs. 38 lakh), during announcements of Tesla accept payment in Dogecoin for ‘goods’ already Price DOGE up about 20 percent at $0.21 (about Rs 16) per token.

This billionaire is known to be in the process of integration Payment DOGE with the purchase of a Tesla under the pseudonym “SHIBA”. The company started accepting Bitcoin payments earlier.

Bitcoin Not a good substitute for transactional currency. Although it was made as a silly joke, Dogecoin is still more suitable for transactions. The total volume of transactions that you do with Dogecoin, like transactions per day, is potentially much higher than Bitcoin,” Musk said in the Time interview.

Verified Twitter The Dogecoin account posted a snippet of Musk’s interview, thanking the tech mogul for “giving some candid facts” about the dog-coin.

Musk’s endorsement of Dogecoin is everything but new.

Earlier this month, the 50-year-old global business mogul hyped Dogecoin against Ether, which is the native cryptocurrency of the Ethereum blockchain. Ether is also the second most valuable cryptocurrency in terms of valuation, currently trading at $4,039 (about 3 lakh) per token, according to Gadgets 360 Cryptocurrency price tracker.

In October, Tesla The CEO called Dogecoin “Everybody’s Cryptocurrency”.

Recently, the US-based cinema chain Theater AMC listed DOGE as an official payment option for gift card purchases.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and Founder of Weekend Trajectory, podcast Gadgets 360. Orbit is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.


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