Musk to Enable Dogecoin for Tesla Purchases, but Questions Remain
Despite the recent surge, Dogecoin still trades significantly lower than its all-time high of $0.737, which was reached in May 2021.
Elon Musk, the ever-influential CEO of Tesla and SpaceX, has once again ignited a frenzy in the cryptocurrency world with his recent comments regarding Dogecoin (DOGE). On March 13th, 2024, during his visit to Tesla’s Berlin Gigafactory, he hinted that DOGE may be used as a payment system for Tesla cars at some time.
While interacting with the public, a clip from the event quickly gained traction on X (formerly Twitter) and sent shockwaves among the crypto community. Musk expressed general optimism about integrating Dogecoin for transactions.
“You know, at some point, I think we should enable that. You can buy Tesla Mocha with Doge, which is cool”, Musk said.
Tesla’s Dogecoin Integration Challenges
Tesla faces a key challenge of infrastructure readiness for Dogecoin payments. However, the company began accepting Dogecoin for merchandise sales in January 2022. However, using it for pricey car sales is way harder. Unlike traditional fiat currencies, Dogecoin’s volatility could pose challenges for Tesla’s accounting and financial systems.
Currently, Dogecoin’s price is $0.1853, representing a surge of 8.8% from $0.172 with an impressive market cap of $24 billion at the time of writing. This follows two weeks of rallying, during which DOGE skyrocketed by an impressive 44%, similar to Bitcoin’s recent rally.
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