Tesla is making several bold moves in the crypto space. Tesla currently accepts DOGE for payments against purchase of branded merchandise available on the Tesla website. Tesla started accepting dogecoin for merchandise in January. Elon Musk is often known as the doge father for his early support for dogecoin.
Musk believes that dogecoin is the best suited crypto for transactions and BTC is best as a store of value.
Elon Musk even tried to convince McDonald’s to accept dogecoin. In return he offered to eat McDonald’s happy meal live on television. McDonald’s was not convinced. They in turn said that they would accept dogecoin only if Tesla accepted grimacecoin.
Tesla, in what can be called radical diversification is opening a futuristic diner and a drive-in theater. These are planned in the Hollywood region. Elon Musk announced that the diner and the theatre will also accept Dogecoin.
The adoption of EVs is catching on real quick. Tesla recently also opened a supercharger station in Santa Monica, Calif. The popularity of EVs can be gauged from the fact the supercharger station was full in under 10 mins of its opening.
That Tesla will accept Dogecoins was tweeted by Musk. But his tweet did not clarify if the DOGE payments will be for the use of the supercharger or for the diner and theatre. Some were of the opinion that Dogecoin will be accepted for one or the other and not for both.
Whichever way things turn out finally, the crypto space is happy that Musk is promoting the adoption of cryptocurrencies.
Surprisingly, even after this endorsement by Musk the price of dogecoin did not rise. At the time that Musk tweeted his announcement Dogecoin was trading at $0.1417. After the tweet, the price rose slightly to $0.1450. However, soon after it again fell and settled at $0.1411.