Elon Musk reveals reasons behind support for Dogecoin “Fundamentally, Bitcoin is not a good substitute for transactional currency,” Musk said. “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 high.”
Read moreIs Elon Musk backing Dogecoin?
Elon Musk has always backed Dogecoin , a cryptocurrency based on memes, in which he holds investments, besides in Bitcoin and Ether.
Read moreWhat is Elon musks plan with Dogecoin?
Tesla, the electric carmaker headed by billionaire Elon Musk, has started to allow people to buy brand merchandise using Dogecoin, a cryptocurrency initially started as a joke. Mr Musk announced the development on Twitter on Friday, a month after hinting of the plans.
Read moreIs Elon Musk involved with Dogecoin?
Back in July 2021, Tesla CEO Elon Musk confirmed publicly during a conference that he owns a few cryptocurrencies, such as Bitcoin, Ethereum and Dogecoin , but he has repeatedly favoured the latter in interviews and posts on social media.
Read moreWhat did Elon Musk tweet for Dogecoin?
“Tesla will make some merch buyable with Doge & see how it goes ,” Musk tweeted at the time on Twitter TWTR, -1.12% . As for what merchandise specifically can be bought with Dogecoins, Tesla’s website listed a cyberwhistle for 300 Doge on its website, while 12020 Doge will buy a Cyberquad for kids.
Read moreIs Elon Musk buying Dogecoin?
Elon Musk, Tesla’s founder and CEO, again threw his weight behind the meme-inspired cryptocurrency dogecoin. In a tweet on Jan. 14, Musk announced that Tesla is accepting dogecoin —”people’s crypto“—as payment for some merchandise on its website.
Read moreDoes Elon Musk support Dogecoin?
When asked why he supports Dogecoin, Musk responded on Twitter: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto. “
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