TL;DR Breakdown
• Tesla CEO promotes the use of cryptocurrencies within the company.
• The meme cryptocurrency increased in price by about 20 percent before dropping to $0.16.
Elon Musk, the CEO of Tesla and founder of the aerospace company SpaceX, is back in the crypto-based headlines after speculating on the Dogecoin price. Musk can’t get enough of talking about crypto, and while many of his comments are positive, he sometimes lashes out at them, which interferes with their value. But, the billionaire has caused DOGE to jump over 20 percent in recent days.
The cryptocurrency market is full of speculators like Elon Musk who interfere in the token’s value. While these views on crypto are mostly positive, they have caused conflict among true crypto traders.
Tesla CEO accepts Dogecoin as payment
Long before Elon Musk, head of the Tesla car company, was awarded Time Magazine’s Most Influential Person of the Year, he worked on new projects. Musk announced that he would accept Dogecoin as payment in its company.
However, the news is no surprise to crypto fans. Since the beginning of the year, Musk has spoken on several occasions about cryptocurrencies, cataloging them as the future of the financial world. Musk is a fan of Bitcoin and Dogecoin, but lately, he has become more attached to DOGE for speedy transactions.
The main head of Tesla posted a tweet in which he authenticated the use of DOGE as payment, which eventually raised the price of the token to 20 percent. But that small spike faded in the days prior, causing DOGE to trade at $0.1638, according to CoinMarketCap.
Musk speculations on cryptocurrencies
Tesla is being guided by a man with ideals towards the future, which bets his capital on cryptocurrencies every day. Elon Musk, a 50-year-old tycoon, has become the face of cryptos, mainly Bitcoin, which had a difficult year with the crackdowns in China.
The Tesla boss believes that cryptocurrencies are part of the future and openly seeks to share them through personal investments and use them for his companies. Now that Musk has accepted DOGE as a payment method, this means that the electric vehicle sales company has two tokens at its disposal, BTC, and Dogecoin.
With Musk, the Dogecoin price has gained prestige and not only because of his recent opinions but because of speculation in previous months. Musk has esteem for Dogecoin because it was born as a gaming cryptocurrency without its developers imagining that today it would be the twelfth largest capitalization cryptocurrency in the virtual market.
Other crypto-meme protocols such as Shiba Inu and Baby Doge were born from Doge, which occupies positions number 13 and 2915 respectively within the list on CoinMarketCap. You could see another tweet from Musk in the next few days where he talks about DOGE and how attractive he is.
