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Tesla becomes the first to initiate Bitcoin as medium of exchange in the vehicle manufacturing sector


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Last Updated on 22/05/2021 by Khushi

Image courtesy:cnbc.com

Tesla being the first major vehicle manufacturing company in the world to accept Bitcoin as a medium of exchange for their electric vehicles in the United States and may start accepting Dogecoins in the same way. Dogecoin, similar to a Bitcoin, is a cryptocurrency with the branding of a Shiba Inu dog from a meme.

Created by Billy Markus and Jackson Palmer, Dogecoin started as a joke, is a famous form of cryptocurrency. No kidding, the value of Dogecoin has seen a hockey rise since Elon Musk tweeted about it first. With no upper limits in the case of bitcoins, there could exist 100 billion Dogecoins in circulation.

Elon Musk, CEO of Tesla, has been a vocal advocate of Bitcoin and seems to be similarly enthusiastic about Dogecoin. He recently asked his millions of Twitter followers if Tesla could consider it as a form of payment. At the time of publication, about 24 hours after Musk’s tweet poll, an impressive 78 percent of respondents agreed it should be approved. Moreover, with Musk’s SpaceX accepting dogecoins makes it more likely for Tesla to start accepting it soon too.

Dogecoin has come a long way for a cryptocurrency that was born from a meme, created as a silly joke, and was usually not regarded with much credibility just before recently. Its market capitalization has grown from about $1 billion in early January this year to well over $45 billion by the end of April.

Making purchases with cryptocurrencies, on the other hand, could be difficult, owing to the volatility of these currencies. However, given that the likes of Tesla and Musk have been people holding interest levels up through references and latest announcements relevant to cryptocurrencies, the highs could last for a long period of time. Further, many feel the fate of Dogecoin will depend on the fortunes of Tesla CEO Elon Musk.

Khushi is an avid reader and loves analyzing companies in the digital space. Her interest is in online marketing, business, startups, and politics. She does everything perfectly by taking extra time.
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