Did you know that Tesla made over $30 billion in revenue in 2020? Undoubtedly, Tesla’s value has continued to skyrocket in recent years, especially after Elon Musk took control of the company. But, there have been rumors that Tesla will be allowing people to buy their cars with Dogecoin.
So, why is Tesla accepting Dogecoin? If you want to find out the answer to that question, we invite you to continue reading since, in today’s post, we’ll give you the inside scoop about Tesla and crypto. But, first, let’s take a little trip down memory lane and review the history of Dogecoin.
Dogecoin first appeared in the crypto market back in 2013 when a group of students wanted to make fun of the world of cryptocurrency. But, as it turns out, their joke got a little out of hand, and people started to invest heavily in this “meme” coin. But, it wasn’t until 2019 that popular crypto exchange platforms like Binance allowed people to invest in Dogecoin freely.
Since then, Dogecoin’s value and popularity have risen tremendously to the point that Elon Musk (CEO of Tesla) began to tweet that he had bought a considerable amount. The current Dogecoin price has continued to rise since that tweet and even more recently because of another tweet Elon Musk made.
Tesla to Accept Dogecoin
As you already can guess, that tweet made it clear to everyone that Tesla would accept Dogecoin as a payment option. Tesla accepting cryptocurrency as a form of payment is a big step for the crypto world since very few companies have allowed customers to purchase high-valued items. But, of course, it’ll take some time before this happens, but even then, it’s good news for crypto holders.
But why is Telsa accepting Dogecoin? Let’s take a closer look at the reasons.
Elon Musk and Dogecoin
Elon Musk has been a firm advocate of the use of cryptocurrency since it gives people freedom from the clutches of financial institutions. Because of that statement, in 2019, the Dogecoin community named Elon Musk the ambassador of Dogecoin. Since then, Elon Musk has called Dogecoin the “people’s crypto coin” and has promoted its use as a form of payment.
Elon went as far as stating that SpaceX’s first mission would be called DOGE-1. On top of that, he has made several remarks that he may allow people to pay for their space travel tickets with Dogecoin in the future. But, of course, much remains to be seen before that happens.
Tesla Accepting Dogecoin Is a Good Thing for All of Us
Tesla accepting Dogecoin is a big step against financial institutions since it allows people’s freedom of anonymity. But, as already mentioned, there are still a lot of obstacles left before anything changes, but Tesla accepting cryptocurrency is a good start. So, don’t wait any longer, and start investing in Dogecoin today!
Would you like to read more interesting posts that cover the topic of cryptocurrency? If so, we invite you to look at our other crypto-related articles before you go!
Elisa Goldstein is an experienced writer at financemag7.com, where she’s credited with more than 200 articles covering everything from entrepreneurial stories to mental health at work.
She also oversees the Comment&Questions, which poses important admission questions to experts in the field, and regularly hosts webinars on various aspects of the business school experience.
Prior to joining financemag7.com, Elisa honed her skills as a freelance writer, tackling a wide array of topics from petcare to car maintenance.
Elisa holds a Master’s degree in Business Administration from the University of Sydney, Australia.