Elon Musk: Dogecoin to Be Utilised for Tesla Purchases ‘at some point’

Tesla CEO Elon Musk has suggested the possibility of integrating Dogecoin (DOGE), currently priced at $0.18, as an official payment option for Tesla vehicles in the future. 

During an interaction with the public at the Berlin Gigafactory on March 13, Musk entertained a query regarding the potential use of DOGE for purchasing Tesla cars. Musk responded affirmatively, stating, “At some point I think we should enable that.” 

This statement ignited investor excitement, prompting a 9.3% surge in Dogecoin’s market price from $0.172 to $0.188 as the video gained traction.

Musk emphasised that fans can continue using DOGE to purchase Tesla merchandise, expressing his backing for the altcoin with the rallying cry “Dogecoin to the moon.”

Musk’s endorsement of DOGE began when several employees from the Tesla Gigafactory advocated for its support as an official payment method. A similar plea was made during a visit to SpaceX, where visitors urged support for Dogecoin, a request Musk eventually accepted, stating:

“Doge is people’s crypto, so I will support it.”

Musk cited Bitcoin’s support from wealthy individuals and expressed his desire to endorse a cryptocurrency favoured by the broader public.

From January 14, 2022, Tesla initiated acceptance of Dogecoin payments exclusively for its merchandise, clarifying that only Dogecoin transactions were supported and other digital assets would not be refunded.

The “everything app” X (formerly Twitter) recently established an ‘XPayments’ account, igniting speculation within the crypto community about potential cryptocurrency integration.

Anticipation surrounds the possibility of X app introducing in-app payment services by mid-2024, though it remains uncertain whether these services will extend beyond traditional fiat currencies or if Musk will heed his fans’ call to mainstream Dogecoin.