Elon Musk Announces Dogecoin Payments Live At Tesla

Elon Musk announced on Twitter that Tesla would start accepting payments with DOGE. This obviously had a positive impact on the price of the coin.

Dogecoin payments went live on the @Tesla store this morning, causing DOGE prices to jump 11% as customers could by swag like belt buckles, Cyberquads for kids and scale models of Tesla cars.@shauryamalwa reports.https://t.co/NTtRzea9l8

— CoinDesk (@CoinDesk) January 14, 2022

The news triggered massive enthusiasm on Twitter.

At the beginning of this year, we were reporting that amidst another crypto prices correction, there are all kinds of optimistic predictions about the price of Bitcoin.

At the moment Bitcoin is still reading below $50k and the king coin is struggling to surpass the important level again.

It’s been just revealed that Elon Musk is once again praising dog-themed crypto-asset Dogecoin (DOGE).

In a new interview, he has something pretty interesting to say about the digital asset.

He basically says that the DOGE’s built-in mechanisms render it superior to leading crypto Bitcoin (BTC) in terms of practical use cases.

“Part of the reason why I think there’s merit to Dogecoin, even though it was obviously created as a joke, is that it actually does have a much higher transaction volume capability than Bitcoin. The cost of doing a transaction, the Dogecoin fee is very low.”

He continued and aid the following:

“Right now, if you wanted to do a BTC transaction, the price of doing that transaction would be very high, so you could not use it effectively for most things, and nor could it even scale to a high volume.”

According to the latest reports coming from the Daily Hodl, Musk then says DOGE’s supply mechanic, which may appear inflationary at first, is actually deflationary in the long run.

He also believes that its monetary system is ‘fundamentally’ the best one he’s ever seen.