Dogecoin DOGE investors have a reason to smile today. Elon Musk has announced that Tesla (TSLA) will accept Dogecoin for payments. The news has seem Dogecoin buck the bearish trend in the broader market, and is up by 20%, and gaining.
In a tweet, Elon Musk stated that some of Tesla’s merchandise will now be buyable in Dogecoin. He added that they would “see how it goes,” indicating that Tesla was testing Dogecoin to see how practical it is for payments.
Tesla will make some merch buyable with Doge & see how it goes— Elon Musk (@elonmusk) December 14, 2021
Besides accepting Dogecoin, Elon Musk has made it quite clear that Dogecoin is much better than Bitcoin in everyday transactions.
In an interview yesterday, Elon Musk stated that Bitcoin is not suitable for transactional currency replacement. He argued that Bitcoin transaction volumes are low, and its transaction costs are high. On this basis, he believes Dogecoin is much better as an everyday transaction currency.
Elon Musk also refuted claims that his utterances move the market. He stated that markets are random and have little to do with what he says.