Tesla CEO Elon Musk said on Tuesday that the company will make some merch buyable with DOGE. This will be done to test new features and assess whether Tesla customers need it. Musk believes DOGE is the best option for fast transaction completion among cryptocurrencies.
Early Tuesday morning, the head of Tesla said on Twitter that the company is going to make the purchase of some merch from its store possible with the meme cryptocurrency, DOGE. The move will help test the integration of cryptocurrencies into the company's operations and will provide more options for some customers who prefer to pay for their purchases with digital money.
Tesla will make some merch buyable with Doge & see how it goes— Elon Musk (@elonmusk) December 14, 2021
Musk has long been a supporter of cryptocurrencies and has been openly supporting DOGE for about a year now. He previously pointed out that the meme cryptocurrency caught his attention by being fun, having a positive community, and having a dog as its symbol. Later, the head of Tesla began to talk about the significant, important advantages of DOGE over other cryptocurrencies.
For example, during a recent interview with TIME, after a famous magazine named Musk as Person of the Year, he said that the meme coin is the best option for quickly completing transactions. He explained that BTC is the main engine in the crypto market, but the volume of transactions is small and their cost is high. Therefore, BTC can function as a store of value at its basic level, but is not suitable for daily use and the purchase of various goods. Therefore, DOGE, which was originally created as a joke, is better suited for transactions. The transaction flow of the coin is higher than BTC as it can process more transactions per day.
Musk agreed that DOGE is slightly inflationary but argued that its inflationary number is fixed, and the percentage is not. With this theory, he believes the percentage inflation decreases over time, encouraging people to spend DOGE instead of hoarding it as a store of value.
DOGE jumped 20% to $0.2056 at the time of writing, following Musk's tweet. The all-time high was recorded in May at around $0.7376 per coin.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.