Difficult to navigate in the multitude of contradictory news about cryptocurrencies. On the one hand, there are structures that oppose it, even in the form of donations. And on the other, payment companies opening up to this new monetary class which is not yet one. A situation that demonstrates the vagueness surrounding this sector and its ongoing adoption. Between new paradigm and (too) simple accusations of an ecological impact responsible for the destruction of our planet. But to see more clearly only one solution seems possible: to focus on Elon Musk’s statements about possible payments to acquire one of his Tesla. Or not…
If there is one established fact, it is the very (too) central position occupied by the boss of Tesla in the cryptocurrency sector. The latter has become a regular at publications on Twitter, about Bitcoin or his favorite shitcoin, DOGE. And each time this same reaction between palpable excitement and deep annoyance. Because we must not forget that it was he who stuck a knife in the back of Bitcoin in May of last year. This by going from a possibility of buying cars in BTC to a categorical rejection a few weeks later for ecological reasons.
It’s hard to know if this eccentric billionaire is having fun with the cryptocurrency market or if his interest is genuine. Because its payment weathervane behavior in the field is more obvious than the certainties on the subject. To the point of wondering if the goal is not elsewhere, such as manipulating prices on his own. But no matter, Elon Musk has obviously decided to put the cover back, this time about Dogecoin. Because he just announced this morning on his Twitter account that Tesla now accepts payments using DOGE. But for how long ?
Buying a Tesla with DOGE?
There is no doubt that this “news will cause a reaction in the cryptocurrency sector. With Dogecoin enthusiasts all happy to be able to reaffirm its strength, which is more presumed than real. But that only if they forget the dramatic collapse of more than 75% since its all-time high in May 2021. A trend already visible if we look at the curve of its price soaring. With an increase of almost 20% recorded over the last few hours. And a DOGE rose in that time frame from $0.17 to over $0.22 at the time of writing this article.
A movement started a few days ago. And certainly fueled by recent posts from the Tree of Alpha Twitter account. The latter having discovered in the code of the Tesla website, some evidence of this addition of DOGE as a payment option. But this in the form of a hitherto hidden feature, put in place to perform internal tests. And it didn’t take long to make it happen.
” Tesla has now added a custom SVG icon for the Dogecoin payment option as well as a DOGE-like gold background color. However, the backend for payments still won’t allow me to purchase.”
Tree of Alpha
It therefore seems that it is now possible to pay in DOGE on the Tesla site. But this obviously only for derived products and not yet for electric cars. An implementation that will certainly allow this cryptocurrency to experience renewed upward volatility. With this pleasant little supplement of a mass return of publications announcing its passage from the $1 bar. But we will still have to wait for a few more tweets from Elon Musk to hope to reach this questionable deadline. Especially in a rather bearish market.
Especially since we must not forget the high volatility of Elon Musk’s moods, capable of changing his mind on the subject in a few days. Because Dogecoin is after all just a simple copy of Bitcoin. And a cryptocurrency developed with a humorous vocation which must remain in the minds of those who wish to invest in it seriously.