Altcoin News
- Tesla to launch merch buyable by DOGE.
- Tesla accepted BTC as payment for e-cars earlier this year, but stopped due to harmful effects on the environment.
Elon Musk, Time’s 2021 Person of the Year and a vocal crypto enthusiast, has recently announced that Tesla intends to launch its line of merch payable by DOGE to “see how it goes”. The Tesla and SpaceX CEO has openly been supporting Dogecoin–a meme-inspired crypto that he publicly called himself ‘Dogefather’.
Meanwhile, Dogefather’s tweet regarding the announcement has garnered different reactions from the online community. While Dogecoin fans have been rejoicing with this news, others view this move as a way to pump the price of DOGE–which eventually happened.
Since then, DOGE fans have been asking Musk to let Tesla accept DOGE as a mode of payment for its electric cars. Earlier this year, Tesla started to accept Bitcoin for its e-cars. However, the company halted BTC payments as Bitcoin mining brought harmful effects to the environment.
In other news, Musk had an interview with Time Magazine where he emphasized the advantage DOGE has over BTC and Altcoins. He further stated:
Fundamentally, bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, dogecoin is better suited for transactions.
He explained that since the transaction volume of BTC is low and the cost per transaction is high, Bitcoin is better suited to be just a store of value. This is also the reason why investors choose to hold onto them and not sell or use them for transactions.
Moreover, at the time of writing, Dogecoin trades at a decent price of $0.1924 with a growth rate of 16.2% within the last 24 hours.
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