Saudi Press

Saudi Arabia and the world
Saturday, Feb 22, 2025

Elon Musk Dismisses Bitcoin, Announces Tesla Will Accept DOGE for ‘Merch’

Elon Musk Hypes Up Dogecoin, Says Tesla to Accept DOGE Payments for ‘Merch’

Elon Musk says dogecoin is better to buy things with than bitcoin. Musk says Bitcoin is a popular choice among investors because each token currently amounts to a large amount of fiat currency.
Elon Musk, the CEO of Tesla and SpaceX, has been named Time Magazine's “Person of the Year”. During an interview with the publication, crypto-enthusiast said that meme-based Dogecoin is much better than Bitcoin for everyday payments. As per the multi-billionaire, Bitcoin, which is the world's most valued cryptocurrency, is popular among investors because each token currently stores large amounts of fiat currency. For daily purchases, however, Musk says Dogecoin makes for a more favourable choice. He later tweeted to announce that Tesla will be accepting DOGE payments.

At the time of writing, Bitcoin was trading at around $50,553 (roughly Rs. 38 lakh), while the announcement about Tesla accepting Dogecoin payments for ‘merchandise' had DOGE price up by around 20 percent at $0.21 (roughly Rs. 16) per token.

The billionaire was known to have been in the process of integrating DOGE payments with Tesla car purchases under the pseudo name “SHIBA”. The company had already begun accepting Bitcoin payments earlier.

“Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin,” Musk said during the Time's interview.

The verified Twitter account of the Dogecoin posted a clipping of Musk's interview, thanking the tech mogul for “dropping some straight facts” about the dog-coin.

Musk's endorsement of Dogecoin is everything but new.

Earlier this month, the 50-year-old global business tycoon had hyped up Dogecoin against Ether, which is the native cryptocurrency of the Ethereum blockchain. Ether is also the second most valued cryptocurrency in terms of valuation, currently trading at $4,039 (roughly Rs. 3 lakh) per token, as per the Gadgets 360 crypto price tracker.

In October, the Tesla CEO had called Dogecoin “the people's crypto”.

Recently, US-based movie theatre chain AMC Theatres listed DOGE as an official payment option for gift card purchases.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia and the United States Strengthen Ties Amid Global Developments
Saudi Arabia Hosts Global Conference to Promote Islamic Unity
The Impact of Artificial Intelligence on Education and Child Development
Saudi Arabia Announces Competition for Best Founding Day Outfits
Saudi-EU Food Security Officials Hold Talks to Strengthen Collaboration
Putin Expresses Gratitude to Saudi Crown Prince for Hosting US-Russia Talks
UK and Saudi Arabia Enhance Collaboration in Innovation and Technology
Denmark's Embassy in Riyadh Showcases Danish Cuisine with Saudi Influence
Saudi Artist Salman Al-Amir Unveils 'Tafawut' Exhibition in Riyadh
Saudi Arabia Offers Condolences to Kuwait Following Military Exercise Fatalities
Saudi Ministry of Islamic Affairs Completes Ramadan Preparations in Madinah
Etidal Secretary-General Hosts UN Counter-Terrorism Director in Riyadh
ADNOC Drilling Targets Over $1 Billion in Investments for 2025 Amid Gulf Expansion Plans
Derayah Financial Achieves Remarkable Growth in Saudi Brokerage and Asset Management
Saudi Arabia Shortlists 30 Firms for Mining Licenses in Eastern Province and Tabuk
Saudi Foreign Minister Engages Counterparts at G20 Meeting in Johannesburg
Oil Prices Decline Amid Rising US Inventories
Saudi Arabia's NDMC Plans Green Bond Issuance by 2025
Moody’s Affirms Egypt’s Caa1 Rating Amid Positive Economic Outlook
Oman and Saudi Arabia Strengthen Economic Ties with New Agreements
Saudi Arabia Investments Propel Expansion of Qurayyah Power Plant
Saudi Capital Market Authority Advances SPACs and Direct Listings
Global Energy Leaders Gather in Riyadh for Symposium on Energy Outlooks
Al-Ahsa Region Sees 500% Growth in Tourism as Saudi Arabia Prioritizes Development
Saudi Arabia Advances Entrepreneurial Ecosystem in Al-Ahsa with New Agreement
King Salman Approves Official Saudi Riyal Symbol
Saudi Credit Card Lending Reaches $8.4 Billion Amid Digital Payment Expansion
King Salman Approves Official Symbol for Saudi Riyal
Putin Thanks Saudi Crown Prince for Facilitating U.S.-Russia Discussions
Saudi Foreign Minister Attends G20 Meeting in Johannesburg
Saudi Arabia Prepares for Nationwide Founding Day Celebrations
Inauguration of Hira Park and Walkway Enhances Jeddah's Urban Landscape
Crown Prince Hosts Leaders for Informal Meeting in Riyadh Amid Gaza Rebuilding Plans
Saudi Official Highlights Achievements and Media's Role in National Transformation
Three Expatriate Women Arrested for Prostitution in Riyadh
Saudi Arabia's Diplomatic Evolution Highlighted at Saudi Media Forum
Healthy Eating and Preparation Essential for Ramadan Fasting
Saudi Arabia and Japan Forge Sustainable Textile Partnership
Advanced Limb Surgery Restores Mobility in Pediatric Cancer Patient
Jeddah Event Explores AI's Role in Boosting Saudi Arabia's SME Sector
UN Representative Highlights AI's Role in Perpetuating Gender Stereotypes
Saudi and Jordanian Leaders Discuss Enhanced Security Cooperation in Amman
Saudi British Society Honors Cultural Bridge-Builders at London Gala
Saudi Media Forum 2025 Explores AI's Role in Modern Journalism
Saudi Arabia's Saqer Al-Moqbel Appointed as WTO General Council President for 2025–2026
Saudi Deputy Ministers Engage in Diplomatic Discussions with U.S. and Dutch Officials in Riyadh
Saudi Arabia to Launch Iftar Program in 61 Countries During Ramadan
Saudi Visitors Expected to Spend £942 Million in UK During 2025
Saudi Arabia Gifts Kaaba's Kiswah to Uzbekistan's Center of Islamic Civilization
Digital Cooperation Organization Concludes Fourth General Assembly with Multiple Agreements
×