Recently announced Times Magazine Person of the year and the Forbes richest man in the world, Elon Musk has announced that Tesla will make a merchandise buyable with Doge, the revelation made Tuesday in his tweet post.
The richest billionaire made said the test run may determine further adoption of Dogecoin by Tesla. The announcement sent Doge coin to 20% price increase in matter of seconds.
Musk, speaking to Time magazine after it named him Time’s 2021 Person of the Year, said he thinks dogecoin is better suited for transactions than bitcoin and has a “much higher potential.”
“Bitcoin is an interesting example and the prime mover on this,” Musk said in a video shared to Twitter by Time.
“The transaction volume of bitcoin is low and cost per transaction is high. Bitcoin is maybe suitable as a store of value but fundamentally bitcoin isn’t a good substitute for transactional currency. Even though it was created as a silly joke, dogecoin is better suited for transactions,” Musk said, explaining, “the total transaction flow that you can do with dogecoin, transactions per day, is substantially higher [than bitcoin] and it has much higher potential.”
Musk, who also told the magazine he doesn’t think dogecoin, bitcoin, ethereum or any other cryptocurrency will fully replace fiat currency, has now said via Twitter that “Tesla will make some merch buyable with doge and see how it goes,” following in the footsteps of fellow dogecoin supporter and technology investor Mark Cuban who added dogecoin support for NBA team Dallas Mavericks merchandise in March.
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