Tesla’s CEO Elon Musk recently announced that the company would accept the Dogecoin cryptocurrency for some merchandise. Elon is known as a strong Doge supporter, and he stated he wants to see how it will go once Tesla starts accepting his favorite crypto.
Elon Claims Doge Is Better Than Bitcoin
In one of his latest interviews, Elon said that he believes Bitcoin can’t be a suitable replacement for transactional currency. Instead, he believes that Dogecoin is a better solution, even though the token was created as a meme.
Elon also believes that a total transactional flow people can make with Dogecoin on a daily basis has a higher potential than Bitcoin.
Additionally, Tesla and Dogecoin fans were eager to hear that Tesla would start accepting Dogecoin for payments. Previously, Tesla accepted Bitcoin. However, accepting Bitcoin for payments was discontinued, as Musk expressed concerns about the effect of Bitcoin mining on the environment.
More About Dogecoin
Dogecoin was created to be a meme coin, meaning it would be used as a joke currency. It was created on Bitcoin’s native infrastructure, and it utilizes the Proof of Work algorithm to verify transactions.
Dogecoin currently stands as the 9th largest cryptocurrency based on the market cap, and it’s the largest of all meme coins.