During a event, at Teslas Berlin Gigafactory CEO Elon Musk casually mentioned the potential of incorporating Dogecoin as an official payment option for Tesla cars in the near future. The conversation took place while Musk was engaging with the audience and someone asked about the chance of using Dogecoin to buy Tesla vehicles. Musks positive response saying, “I believe we should make that possible at some point ” sparked excitement among both investors and fans.
This allusion to integration of Dogecoin follows Teslas decision to accept the cryptocurrency for purchasing company merchandise starting January 14 2022. This move laid the groundwork for adoption of currency within Teslas operations. Following Musks statement there was an uptick in Dogecoins market value rising from $0.172 to $0.188—an increase of 9.3%—as news of the interaction spread across media platforms.
Elon Musk has a known fondness for Dogecoin. Has previously expressed his support for this cryptocurrency often referred to as “the people’s crypto.” His endorsement came after both Tesla employees and SpaceX visitors showed interest, in using Dogecoin as a payment method.
Musks reason, for supporting Dogecoin over cryptocurrencies like Bitcoin, which has backing from wealthier individuals is his aim to promote a digital currency that connects better with the general public.
The recent updates regarding Musks “everything app” X, formerly called Twitter have sparked discussions in the cryptocurrency community. The launch of an ‘XPayments account on the platform suggests a payment feature expected to be introduced by mid 2024. While its uncertain if this feature will include support for cryptocurrencies there is anticipation surrounding Dogecoins involvement in this new initiative given Musks track record of incorporating the digital currency into his business endeavors.
With Musks statements at the Berlin Gigafactory making headlines both the crypto and tech circles are eagerly observing how Dogecoins possible expansion, in usability will progress, particularly concerning one of the worlds electric vehicle manufacturers.