Speaking at a recent press conference, Tesla CEO Elon Musk mentioned that the electric car company might soon accept Dogecoin (DOGE) and could make it one of the official payment methods for purchasing Tesla vehicles. Musk made the announcement at the ‘We Are Giga’ event in Texas, where he openly expressed his support for Dogecoin, raising expectations with the crowd by saying “Dogecoin to the Moon.” While Musk did not share a specific timeline for when Tesla will accept Dogecoin for sales, he emphasized his belief in the potential of the altcoin and its importance as “the people’s cryptocurrency.”
Praise for Dogecoin: The People’s Crypto
The famous billionaire Elon Musk detailed his support for Dogecoin during his speech at the event. He highlighted the accessibility of DOGE and its significance in everyday use for the general public.
While stating that Bitcoin (BTC) is preferred by wealthier investors, Musk pointed out that Dogecoin attracts the interest of ordinary people, earning it the title of “the people’s cryptocurrency.”
Avoiding a Specific Date
When asked about a specific date for when Tesla will start accepting Dogecoin for sales, Musk avoided giving a precise date but indicated that the process would start soon. He drew attention by giving more confident messages about his commitment to cryptocurrencies during discussions with factory workers at Tesla and SpaceX who expressed their support for Dogecoin.
Musk’s endorsement of Dogecoin as a suitable payment option for Tesla sales has increased faith in the altcoin’s value and utility in the cryptocurrency market. Following the billionaire’s announcement, DOGE’s price at one point rose from $0.172 to $0.191. At the time this article was prepared, it has seen a slight pullback, trading at $0.187 after a 24-hour increase of 8.26%.
In conclusion, Musk’s announcement points to a potential future where Dogecoin could serve as an official payment method for Tesla sales. The billionaire entrepreneur’s strong support for DOGE reflects his belief in the appeal of the altcoin and its potential to democratize the world of cryptocurrency. Musk concluded his speech with the rallying cry “Dogecoin to the Moon,” signaling his ongoing interest in memecoins.
