Elon Musk announced that Tesla will be accepting Dogecoin as payment for some of its branded product drawing the public’s attention to the memecoin
There’s No Such Thing as Bad Publicity
Times’ 2021 Person of the Year, Elon Musk is at it again, this time announcing through his official Twitter account that Tesla will be accepting Dogecoin ($DOGE) as payment for some of Tesla’s products. The eccentric billionaire, known for his fondness for Dogecoin, continues to favor the memecoin over other cryptocurrencies.
Elon in an interview, with Time referencing Dogecoin:
‘It is slightly inflationary, but that inflationary number is a fixed number as opposed to a percentage. That means, over time the percentage of inflation actually decreases. That is actually good because it actually encourages people to spend rather than hoard it as a store of value”
Musk does not see Bitcoin’s value for transactions but acknowledges that the top cryptocurrency has its role as a ‘store of value’. In March this year, Tesla briefly accepted Bitcoin as payment for its cars before reversing its decision citing environmental concerns.
Elon’s Love for Dogecoin
Elon’s fascination for the memecoin is rather intriguing. He was rather expressive of his preference for Dogecoin and he did it through his twitter account.
December 20, 2020 – “One Word: Doge”
February 4, 2021 – “Dogecoin is the people’s crypto.”
April 1, 2021 – “SpaceX is going to put a literal Dogecoin on the literal moon.”
April 15, 2021 – “Doge Barking at the Moon.”
May 11, 2021 – “Do you want Tesla to accept Doge?”
The tweets on Dogecoin sent the cryptocurrency’s price skyrocketing before it plummets. The tweet by Elon on February 4, 2021 gave Dogecoin the rocket fuel to surge more than 60%.
Dangerous Precedent
Dogecoin was founded in 2013 as a meme and was inspired by a Shiba Inu dog. Cryptocurrency, although it has existed for about a decade, is still a relatively new concept to many. Elon Musk is an influential figure and commands a strong 66.6 million followers on Twitter. Elon’s joke could be wrongly perceived by some as a call to buy.
We have seen in the past, how one man’s tweet can cause massive price swings to both Bitcoin and Dogecoin. However, to put things into perspective, if the billionaire’s tweet poses a threat to an ordinary investor, callous remarks by regulators have an even more damaging effect.
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