Elon Musk wants to bring Dogecoin back to Tesla merch page

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As a seasoned crypto investor with a knack for spotting trends and a keen eye for market signals, I find myself intrigued by the recent developments surrounding Dogecoin (DOGE) and Tesla. The tweet from Elon Musk, the man who seems to have the Midas touch when it comes to DOGE, has rekindled hopes among the community that we might soon see DOGE as a payment option on Tesla’s website again.

Back in 2019, Elon Musk, CEO of Tesla, referred to Dogecoin as his preferred cryptocurrency. Now, there’s speculation that Dogecoin might re-emerge as an accepted form of payment on Tesla’s official website.

In the chilly month of January 2022, I found myself at the forefront of an innovative shift. My role as a researcher led me to witness Tesla’s groundbreaking decision – they started accepting a meme-based token for specific merchandise purchases in their online store. This included apparel and accessories, a move that echoed the vibrant spirit of the digital age.

As a dedicated crypto investor, I found myself puzzled when Dogecoin (DOGE) unexpectedly vanished as a payment method at one point. This development left me and other enthusiasts wondering if there was any chance of its return, prompting us to reach out on X.com with our queries.

Musk, who owns X.com and a majority of Tesla stock, is interested.

As a researcher, I’d express it as follows: “In response to a query from an X user, I, as part of the team at Tesla, acknowledged the request for reconsidering the acceptance of Dogecoin as a payment method for our merchandise.”

Me

— Elon Musk (@elonmusk) August 30, 2024

At the moment, transactions at the Tesla store can only be made using credit cards. It’s unclear if or when Dogecoin was discontinued as a method of payment. Unlike other stores, Tesla, based in Austin, Texas, never extensively supported Dogecoin for car purchases. Furthermore, there wasn’t an official statement confirming the withdrawal of Dogecoin as a payment option.

Musk the environmentalist?

It’s rather puzzling that Tesla’s policy on accepting cryptocurrency as a payment method remains unclear, given Elon Musk’s statement in 2021 suggesting the company would start using Bitcoin for transactions once mining becomes more environmentally friendly.

See below.

Tesla & Bitcoin

— Elon Musk (@elonmusk) May 12, 2021

Transactions for digital currencies such as Bitcoin and Dogecoin necessitate substantial energy consumption to verify them and maintain the security of their underlying networks.

As a researcher, I’ve noticed that environmental activists and financial backers have highlighted an apparent contradiction between the carbon emissions linked to cryptocurrency transactions and Tesla’s commitment to renewable energy.

It’s also worth noting that Musk is a staunch supporter of former President and current Republican nominee Donald Trump, who pledges to roll back clean energy initiatives if re-elected.

Legal drama

Less than a day after Judge Alvin Hellerstein dismissed a federal lawsuit accusing Elon Musk of deceiving investors by using insider trading and manipulating the Dogecoin market, he expressed his continued support for the cryptocurrency.

The suit alleged that Musk misused his position as the world’s richest man to inflate the price of Dogecoin over “36,000%”  and then let its price crash, leading to losses for investors.

In simpler terms, the accusers claimed that Elon Musk’s activities were comparable to a “Dogecoin Ponzi Scheme,” where he boosted the cryptocurrency to gain profits from the supposed price fluctuations he instigated.

At one point, the value of Dogecoin peaked at a record-breaking $0.73, however, it hasn’t managed to climb back up to that level since then.

Hellerstein stated that comments regarding Dogecoin are more like ambitious promises or exaggerations, rather than actual facts, and no sensible investor would base their decisions on such statements.

In addition, the judge determined that the evidence presented did not substantiate the defendants’ accusations of a “buy-and-dump” strategy, stock manipulation, and illegal insider trading. Furthermore, the judge emphasized that the accusations underlying these charges were “difficult to comprehend.”

It’s uncertain if the dismissal of the Dogecoin lawsuit will allow Tesla enthusiasts to utilize the canine-themed cryptocurrency again for purchasing items like a Cybertruck t-shirt. We’ll have to wait and see.

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2024-08-31 22:02