Elon Musk Eyes Dogecoin’s Return to Tesla’s Merchandise Page
Elon Musk, the CEO of Tesla, is thinking about reintroducing Dogecoin as a way to pay for goods on the website of the massive electric car manufacturer.
This possible action follows Dogecoin’s inexplicable disappearance from the platform after it was formerly approved for specific products like clothing and accessories in Tesla’s online store.
In 2019, Musk shared that Dogecoin was his “favorite cryptocurrency” in a public statement. Recently, on X.com (previously Twitter), Musk answered a fan’s question regarding the prospect of bringing back Dogecoin as a payment option. His straightforward “Me” in response has sparked new rumors over Dogecoin’s partnership with Tesla.
It is presently only possible to purchase using credit cards at Tesla’s online store, and it is unknown why Dogecoin was removed. Interestingly, the business never added this payment option for its electric cars, and when it did remove Dogecoin as a payment option, it didn’t make an official statement.
Musk’s Environmental Stance and Legal Challenges
Tesla’s approach to accepting cryptocurrency payments has been confusing, particularly in light of Elon Musk’s earlier claims that Bitcoin will be used for transactions after the company switches to sustainable energy mining.
The environmental impact of cryptocurrencies like Dogecoin and Bitcoin, which need a lot of electricity to complete transactions, has been brought up by critics.
Given that Musk continues to support former President Donald Trump, who has vowed to reverse clean energy measures if re-elected, Musk’s continued support for Dogecoin is particularly notable.
Not long after U.S. District Judge Alvin Hellerstein dismissed a case charging Musk with insider trading and manipulating the Dogecoin market to deceive investors, Musk affirmed Dogecoin. According to the lawsuit.
Musk inflated Dogecoin’s value by more than 36,000% using his power, then let it crash, which resulted in losses for investors. The judge concluded that Musk did not engage in market manipulation since his remarks regarding Dogecoin were merely “aspirational and puffery.”
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Future of Dogecoin Payments on Tesla’s Site
Although Musk has won a court battle with the dismissal of the Dogecoin lawsuit, it is unclear if this would mean that Dogecoin will once again be accepted as payment on Tesla’s website. Fans of Tesla who are excited to buy items like a Cybertruck t-shirt with the dog-themed cryptocurrency will have to wait and see.
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