Elon Musk, CEO. of Tesla and SpaceX, has been vocal about integrating Dogecoin into his companies’ payment systems. His advocacy for the meme-inspired cryptocurrency gained momentum after receiving requests from Tesla factory employees and SpaceX visitors. Musk hinted at the possibility of Dogecoin becoming an official mode of payment for Tesla cars during an interaction at the Berlin Gigafactory. Responding positively to an audience member’s inquiry about purchasing Teslas with Dogecoin, Musk stated, “At some point I think we should enable that.” This endorsement sparked enthusiasm among investors, leading toa surge in Dogecoin’s market price.
Market Response and Surge in Dogecoin Price
Following Musk’s statement, Dogecoin experienced a sudden surge in value, jumping from $0.172 to $0.188. This increase marked a 9.3% rise as investors reacted positively to Musk’s support for the cryptocurrency. Musk’s advocacy for Dogecoin extends beyond financial transactions, as he encourages fans to use Dogecoin for purchasing Tesla merchandise. He further expressed his support for the altcoin by echoing the popular phrase, “Dogecoin to the moon.”
Origin of Musk’s Endorsement
Musk’s endorsement of Dogecoin originated from requests made by Tesla Gigafactory employees and SpaceX visitors. These individuals urged Musk to consider Dogecoin as an official payment method, citing its popularity among the general public. Musk resonated with this sentiment, stating, “Doge is people’s crypto, so I will support it.” In contrast to Bitcoin, which he acknowledged as being favored by the wealthy, Musk sees Dogecoin as a cryptocurrency preferred by the broader populace.
Integration of Dogecoin in Tesla’s Payment System
Tesla took its first step towards embracing Dogecoin as a payment option on January 14, 2022, by accepting Dogecoin payments for company merchandise. The company emphasized its exclusive support for Dogecoin payments, clarifying that other digital assets would not be returned to the purchaser. Recently, Musk’s “everything app,” X (formerly Twitter), created an “XPayments” account, hinting at potential cryptocurrency integration. Speculation within the crypto community suggests that the X app may introduce in-app payment services by mid-2024. While it remains unconfirmed whether this feature will support cryptocurrencies or if Musk will fulfill his fans’ vision of mainstreaming Dogecoin, anticipation surrounding its implementation continues to grow.