Elon Musk is “Person of the Year” at TIME and a little later announced the acceptance of Dogecoin at Tesla via Twitter.
On the occasion of the controversial choice for “Person of the year“Said Tesla boss Elon Musk Time Magazine an interview. Of course, he did not miss the opportunity to repeatedly express his preference for Dogecoin. A little later he sat down via Twitter one more thing on top.
Tesla will be getting some products for sale with Doge and see how it goes
, said Musk’s tweet on Tuesday, which, as expected, prompted the Doge course to skyrocket. The cover picture of the Time Magazine is only dedicated to the native South African. It is by no means the first time that Elon Musk has succeeded in contributing to increased demand for memecoins with a single tweet. In the conversation he also plays Doge against Bitcoin and mentions the advantages of the former:
Bitcoin’s transaction volume is small and the cost per transaction is high. At least in its basic form, it is suitable as a store of value, but basically Bitcoin is not a good substitute for a transaction currency.
Dogecoin is very suitable for transactions, according to Elon Musk
It is different with Dogecoin: although it is “slightly inflationary”, it also encourages people to spend it instead of viewing it as a store of value. Musk and Tesla not only had an influence on the DOGE course, but also on Bitcoin. First of all, large stocks of the cryptocurrency were bought up and integrated into the company’s balance sheet, which contributed to a strong price increase.
It fits into the picture that from now on Tesla also accepted BTC as payment for new cars. Then, however, with the justification of the bad environmental impact of Bitcoin mining, the U-turn, which was also announced via Twitter. This in turn triggered a significant BTC price slide. In terms of Musk’s influence, the “Person of the Year” election doesn’t seem unjustified. Opinions differ as to whether this influence is justified.