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The Persistent Interest of Elon Musk in Dogecoin
Billionaire tech entrepreneur Elon Musk continues to show interest in Dogecoin, a digital asset that has gained widespread popularity. During a recent visit to a Tesla plant near Berlin, Musk expressed his desire for the electric car giant to accept Dogecoin as payment for vehicles. In a video shared on Twitter, Musk stated, “At some point, I think we should enable that. Dogecoin to the moon.”
Elon Musk at Giga Berlin today.
“When will I be able to buy a Tesla with dogecoin?” “At some point I think we should enable that.” 😂🔥 pic.com/Suk7bifuHC
— Sir Doge of the Coin ⚔️ (@dogeofficialceo) March 14, 2024
Musk highlighted that his interest in supporting Dogecoin stemmed from the feedback of employees at Tesla and SpaceX, who described it as the “people’s crypto.” He emphasized his intention to back a currency that resonates with the general public.
Notably, Tesla already allows Dogecoin payments for merchandise, alongside the option to use Bitcoin for purchasing cars. Dogecoin, initially conceived as a satirical take on Bitcoin, has gained considerable traction due to Musk’s public endorsements. Despite its origin as a meme-driven project, Dogecoin now boasts a market capitalization exceeding $25 billion.
In collaboration with Dogecoin developers, Musk has actively participated in initiatives aimed at enhancing the cryptocurrency’s utility for everyday transactions. This strategic partnership has contributed to Dogecoin’s surge in value, with a recent trading price of $0.18. Although the price experienced a slight dip to $0.17, it still reflects a 4% increase over a 24-hour period and a remarkable 115% surge over the past month.
While Tesla previously invested $1.5 billion in Bitcoin, subsequently divesting a significant portion and halting Bitcoin payments, the company later resumed accepting the cryptocurrency. Currently, Tesla ranks among the prominent corporate holders of Bitcoin, with a substantial quantity of digital coins valued at over $684 million.
Furthermore, it is worth noting that MicroStrategy, under the leadership of Michael Saylor, holds a substantial Bitcoin reserve exceeding 200,000 coins, underscoring the growing institutional adoption of digital assets.
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