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Tesla CEO Elon Musk has a big influence on the cryptocurrency market. When he announced that Tesla would stop accepting Bitcoin, it drastically decreased Bitcoin’s value.
Bitcoin, Ethereum, Dogecoin—these sound more like video game titles than viable currencies. And yet crypto keeps creeping up on us, attracting investors with its novelty and focus on the future. Unfortunately, for the time being, you can’t buy a Tesla with Dogecoin.
Here’s more information about the history of cryptocurrency, and whether you can expect to be able to buy a Tesla with Dogecoin in the future.
A brief history of cryptocurrency
As with lots of internet phenomena, crypto has crossed over into the meme world. If you spent any time on the internet in the 2010s, you may remember a photo of a Shiba Inu surrounded by superimposed comic sans phrases. That’s the famous “doge” featured on Dogecoin.
This digital currency was launched in 2013 as satire; its founders were poking fun at the absurdity of crypto. Their cryptocurrency actually took hold, and soon enough they had real investors, including Elon Musk.
Musk weighs in, stocks freak out
Musk’s tweets hold a lot of power. Forbes reported on the major swings in cryptocurrency valuation that often occur after anything Musk-related. Dogecoin has seen astronomical gains since October 2020, rising nearly 10,000%. Its highest point was right around the time when Musk hosted Saturday Night Live.
Shiba Inu Coin (SHIB, if you’re looking for it on NASDAQ) saw price increases of nearly 500% after a picture of Musk’s Shiba Inu graced the internet.
You can’t buy a Tesla with Dogecoin yet
Oddly, Musk appears to be pitting Bitcoin and Dogecoin against each other in his personal and professional investments. Tesla has invested $1.5 billion in Bitcoin, while Musk himself appears to be nurturing the success of Dogecoin.
He doles out advice to Dogecoin’s founders on Twitter, advising them to improve their security and efficiency. According to Forbes, he has even suggested that Dogecoin band together with Ethereum to usurp the top dog, Bitcoin.
But Musk said that Tesla will likely accept Bitcoin again in the future. This is a good sign for other cryptos as well. The support that Musk has shown to Dogecoin means it’s possible the brand may accept it as payment in the future.
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