In a moment of electrifying speculation, Elon Musk, the CEO of Tesla, hinted at a potential game-changer during his visit to the Berlin Gigafactory.
During the event on the 13th of March, an audience member inquired about the possibility of purchasing Tesla vehicles using Dogecoin [DOGE]. To this, Elon Musk responded,
“Well, you know, at some point, I think we should enable that. You can buy Tesla Merch with DOGE, which is cool.”
Musk’s impromptu revelation, captured in a video shared by an X (earlier Twitter) user @dogeofficialceo, set the cryptocurrency world abuzz.
Musk’s support for DOGE’s mainstreaming
He then humorously remarked, using his familiar catchphrase for the cryptocurrency, “Dogecoin to the moon,” which further fueled the fire of speculation.
However, there was no additional update on the same, leaving the crypto community eagerly awaiting further confirmation from Tesla.
Musk shared the backstory behind his backing of the meme-based cryptocurrency, recalling an encounter during a stroll through Tesla’s factory.
He recounted workers on the assembly line requesting his support for DOGE, noting,
“Some people were just…working the line..and they said, Can you please support DOGE?”
Similar appeals from SpaceX employees further solidified his endorsement of Dogecoin, and he added,
“And I was like, you know what DOGE is the people’s crypto so I will support it.”
In contrast to Bitcoin’s [BTC] support primarily from affluent individuals, Musk’s preference for Dogecoin stemmed from its popularity among the public.
The way ahead
Tesla’s decision to accept Dogecoin payments for its merchandise starting the 14th of January 2022, further underscores the cryptocurrency’s growing acceptance.
“Tesla merch buyable with Dogecoin.”
Musk had been relatively quiet about Dogecoin since his last mention in April 2023.
However, his recent endorsement holds significance, given Dogecoin’s position as the 9th largest cryptocurrency by market capitalization, valued at nearly $26.9 billion.
Musk’s creation of an ‘XPayments’ account on his app X (formerly Twitter) has stirred speculation in the crypto community.
Anticipation for in-app payment services by mid-2024 is high, but it’s unclear if cryptocurrencies beyond fiat will be supported, leaving the fate of Dogecoin’s mainstreaming uncertain.
