Elon Musk is “Person of the Year” in TIME and a little later announced the acceptance of Dogecoin in Tesla through Twitter.
On the occasion of the controversial “Person of the Year” election, Tesla boss Elon Musk gave the Time Magazine an interview. Of course, you didn’t miss an opportunity to repeatedly express your preference for Dogecoin. A little later he sat down via Twitter one more thing on top.
Tesla will put some products on sale with Doge and see how it goes
Musk’s tweet said Tuesday, which, as expected, caused the Doge course to skyrocket. The cover photo of the Time Magazine it is only dedicated to native South Africans. It is by no means the first time that Elon Musk has managed to contribute to the rise in demand for Memecoin with a single tweet. In the conversation, Doge also plays against Bitcoin and mentions the advantages of the first:
Bitcoin’s transaction volume is small and the cost per transaction is high. At least in its basic form, it is suitable as a store of value, but basically Bitcoin is not a good substitute for a transaction currency.
Dogecoin is very suitable for transactions, according to Elon Musk
It is different with Dogecoin: although it is “slightly inflationary”, it also encourages people to spend it rather than seeing it as a store of value. Musk and Tesla influenced not only the DOGE course, but also Bitcoin. First, large stocks of the cryptocurrency were purchased and integrated into the company’s balance sheet, contributing to a sharp price increase.
It fits the picture that from now on Tesla also accepted BTC as payment for new cars. Then, however, with the justification for the bad environmental impact of Bitcoin mining, the U-turn, which was also announced via Twitter. This, in turn, triggered a major BTC price drop. As for Musk’s influence, the choice of “Person of the Year” does not seem unjustified. Opinions differ as to whether this influence is justified.