Elon Musk decides it’s time to experience the dogecoin as a means of payment and see how it goes. “Tesla will make merchandising with Doge affordable and we’ll see how it goes.” Elon Musk, CEO of Tesla, with a tweet has in fact opened the use of Dogecoin for Tesla. The cryptocurrency dogecoin, born as a joke in 2013, immediately shot up, earning 40% and then settling at $ 0.190460, up about 19% (CoinDesk data). Since the beginning of the year, the dogecoin has recorded + 4.040%.
Compared to the all-time highs reached in the spring of $ 0.740796, the token that graphically refers to the Shiba Inu dog marks a decline of almost 75%.
Better than bitcoin as a means of payment, that’s why
Musk, fresh from the proclamation by Time magazine as character of the year, in the course of 2021 has repeatedly intervened on Twitter and in other events (see his participation on Saturday Night Live) on the dogecoin topic. And his other flagship company too, Space X, announced the “DOGE-1 Mission to the Moon” mission for the first quarter of 2022 in collaboration with Geometric Energy Corporation which will pay the cost of shipping via Dogecoin.
The CEO of Tesla and SpaceX has consistently supported dogecoin and in October he admitted that he had also invested in it, along with bitcoin and Ether. According to Musk, dogecoin has an advantage over bitcoin and other cryptocurrencies: “Basically, bitcoin is not a good substitute for transactional currency,” Musk told Time Magazine after being named Person of the year 2021. “Even though it was created as a silly joke, dogecoin is better suited for transactions.”
″The transaction volume of bitcoin is low and the cost per transaction is highMusk said that he sees the most suitable bitcoin as a store of value, which is why his investors want to keep it and not sell it or use it for transactions. Dogecoin, on the other hand, is a currency that “encourages people to spend, rather than some sort of treasure as a store of value.” Musk has been reluctant to join those supporters of crypto who see them replace traditional currencies. “I’m not a big fiat hater like many in the cryptocurrency world,” Musk told Time.