News

Elon Musk Finally Reveals The Use-case For Dogecoin

Earlier this year, Elon Musk was very confident about Bitcoin and accepting Tesla payments in Bitcoins. Later, realizing the amount of energy it consumes to mine, they cancelled it. It sent ripples across the blockchain community and crushed Bitcoin by affecting its price. 

Today he claims that Tesla will make some merchandise “buyable with Dogecoin.”

 

He is the richest man in the world and happens to be a big fan of Dogecoin, not just that, Time Magazine recently regarded him as the Man of the Year. 

Elon Musk, just tweeted, “Tesla will make some merch buyable with doge and see how it goes. “

It reveals Tesla’s plan not just to launch some buyable with doge merchandise but also entering in the blockchain world officially. It’s too early to jump to the conclusions yet it’s understandable Elon Musk wants to explore this territory as well which he appeared interested in from the beginning. 

In an interview with Time Magazine he explained why Dogecoin is better than Bitcoin for transactions. 

“The transaction volume of Bitcoin is low, and the cost per transaction is high. It is, at least, at its base level, is suitable for…a store of value, but, fundamentally, Bitcoin is not a good substitute for transactional currency.

He further says that Dogecoin is “slightly” inflationary, but the meme coin’s percentage inflation actually decreases with time. It encourages people to spend rather than hoard it a store of value.

 

The doge community on Reddit and Twitter have been very happy with the outcome as Doge rose 28% after the tweet. However, it tumbled a little down still standing strong at 20% high, rising to $0.196. 

Leave a Reply

Your email address will not be published.

Back to top button