Finance

Tesla Set to Accept Dogecoin Payments, Elon Musk Confirms

Mar 14, 2024 1 min read

Jump to Summary

Elon Musk, CEO of Tesla and a prominent figure in the tech and business world, has indicated that Dogecoin (DOGE) could be accepted as a payment method for Tesla vehicles in the future. During an event at Tesla's Berlin Gigafactory, Musk spoke about the potential use of the cryptocurrency, which has seen a significant increase in value following his endorsement. While a specific date for the implementation was not provided, the announcement has generated considerable attention, given Musk's influence on the crypto market and his previous comments regarding digital currencies.

The move follows Tesla's earlier decision to accept Dogecoin for company merchandise, which began in January 2022. This prior step demonstrated the company's willingness to engage with cryptocurrency as a form of payment. The announcement has had a tangible impact on Dogecoin's market value, with a reported surge of 14% that positioned it among the top cryptocurrencies by market capitalization. The overall market cap of memecoins, a category of digital tokens inspired by internet memes and which includes Dogecoin, currently represents approximately 23% of the entire crypto market.

#auto #cryptocurrency #business-leaders #dogecoin #business

Summary

Other news in finance

Oil Prices Soar as Gulf Storm Threatens Amid Market Recovery

Oil prices experienced a rebound as a potential hurricane approaches the U.S. Gulf Coast. West Texas Intermediate (WTI) crude futures rose by 1.48% to $68.67 per barrel, and Brent crude futures increased by 1.39% to $72.05 per barrel. This follows a period of declining prices

Friend.tech Token Nosedives After Ceding Smart Contract Control

Friend.tech, a decentralized social media platform, saw a sharp decline in the value of its native token, FRIEND, after the team transferred control of its smart contracts to Ethereum's null address on September 8. This move, aimed at preventing future changes to the platform's fees

Three Israelis Killed in Allenby Crossing Shooting

Three Israeli civilians were killed in a shooting at the Allenby Bridge crossing between the West Bank and Jordan. The attacker, identified as a Jordanian truck driver, opened fire on Israeli workers at the crossing before being neutralized by security forces. Three additional individuals were critically injured and are receiving

Tether Diversifies with $100M Investment in Adecoagro

Tether, the world's largest stablecoin issuer, has invested $100 million to acquire a 9.8% stake in Adecoagro, a Latin American agricultural company with a presence in Argentina, Brazil, and Uruguay. This acquisition, completed between July 29 and August 16, 2024, involved purchasing over 10 million shares and