Elon Musk is collecting titles. He has surpassed Jeff Bezos as the world’s wealthiest individual, and he has been dubbed the “Dogefather” owing to his promotion of Dogecoin.
In January, the business magnate announced that his firm Tesla would be able to accept Dogecoin. It started with Santa Monica Supercharger allowing Dogecoin as payment, becoming the first in the Tesla organization to do so. “Of course, you may pay in Doge,” Musk tweeted. As a result of this, the currency’s value rose dramatically and reached $0.1944.
Why has Elon Musk backed Dogecoin?
In new tweets and during an interview with Bloomberg, Musk confirmed his support for the cryptocurrency. And now, his company SpaceX has turned into the latest of Musk’s businesses to start accepting Dogecoin. “Tesla will accept Dogecoin for some items, and SpaceX will do so as well,” said Musk in the Bloomberg interview. When asked why, Musk responded, “I just know a lot of individuals who are not very rich who have suggested that I purchase and promote Dogecoin.”
“There were individuals, for example, at my businesses who were encouraging me,” Musk said. “I’m replying to those people and just folks that I’ve been with in the SpaceX or Tesla factory, they’ve urged me to support Dogecoin, so that’s what I’m doing.”
When Tesla started taking Doge, the price jumped as well. On June 21, Dogecoin rose 13% to $0.06784 in response to the announcement. Although it may be leveling off, it is lower by 5% today with a price of $0.06289 per coin, according to CoinMarketCap.
It may appear to be a risky move to jump into cryptocurrency while the market is experiencing such devastating losses. Dogecoin, in particular, has dropped 90% from its all-time high. But if Elon Musk, who is forward-thinking and business savvy, remains steadfast, it might indicate that digital currency isn’t over yet.