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Dogecoin Soars After Elon Musk Announces Tesla Will Accept DOGE – Altcoins Bitcoin News

Dogecoin bought a lift Tuesday morning when Elon Musk introduced that Tesla will likely be accepting dogecoin for some merchandise. Musk has simply been named Time Magazine’s Person of the Year and stated that DOGE is extra appropriate for transactions than bitcoin.

Tesla Will Begin Accepting Dogecoin

Tesla CEO Elon Musk has introduced through Twitter that his electrical automotive firm will settle for dogecoin (DOGE) for some merchandise. In a tweet Tuesday morning, Musk wrote: “Tesla will make some merch buyable with doge & see how it goes.”

The announcement got here simply sooner or later after Musk was named Time Magazine’s Person of the Year and stated that dogecoin is healthier fitted to transactions than bitcoin. The Tesla boss famous that BTC is extra appropriate as a retailer of worth.

The price of dogecoin popped 28.5% from $0.1699 on the time of Musk’s tweet to $0.2183 in simply over an hour primarily based on information from Bitcoin.com Markets.

Dogecoin’s price chart on Tuesday. Source: Bitcoin.com Markets.

Meanwhile, Tesla nonetheless has not resumed accepting bitcoin. The electrical automotive firm started accepting BTC in March. However, it stopped accepting the cryptocurrency in May attributable to environmental issues. Musk later stated that Tesla will resume accepting BTC “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

Nonetheless, Tesla nonetheless holds BTC on its steadiness sheet price about $1.26 billion on the finish of Q3. The firm doesn’t personal any DOGE. However, Musk beforehand stated that he personally owns dogecoin, bitcoin, and ether.

Musk has beforehand hinted that Tesla will settle for dogecoin. In May, he arrange a ballot on Twitter asking his followers if Tesla ought to settle for DOGE. 78.2% stated sure. Since then, he has revealed that he sees the meme cryptocurrency because the individuals’s crypto. In August, he agreed with Shark Tank star Mark Cuban, the proprietor of the NBA workforce Dallas Mavericks, that “The community for doge is the strongest when it comes to using it as a medium of exchange.”

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Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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