Elon Musk Endorses Dogecoin as the Future Payment to Purchase a Tesla

Recently, Tesla boss Elon Musk announced during a press conference that Tesla is working to ensure the enablement of Dogecoin payments soon. The CEO stated that DOGE will again become one of the official payment methods for buying Tesla. However, he did not state when Tesla will soon enable Dogecoin payments.

He announced this at the 'We Are Giga' event in Texas, where he openly endorsed Dogecoin. Many people attended the event, and he was cheered as he affirmed his commitment to Doge.

Elon Musk explained that he supports Dogecoin because it is the currency of low-income people. He stressed that rich people buy Bitcoin, but regular guys buy Dogecoin. He called DOGE "people's crypto" and supports the meme currency because regular people look up to it.

"When can you buy a Tesla with Dogecoin?" the attendee asked Musk. Musk replied, "At some point, I think we should enable that." He added, "Many people don't know why I support Dogecoin. While I was walking around the Tesla factory, many regular guys said, 'Hey, can you support DOGE?'. Even at SpaceX, people working in factories and regular guys said, 'Please support DOGE.'

"I was like, you know what, DOGE is people's crypto. I will support it. A lot of rich people support Bitcoin, but I will support Dogecoin. You know what, Dogecoin is for you (the regular people), and I will support it," he said to the cheering crowd.

In the coming days, Dogecoin will soon become the official mode of payment for buying Tesla cars. With Musk's support for DOGE, the coin is believed to kick off in the crypto space. At the end of his speech, he concluded, "Dogecoin to the moon."

Elon Musk's reaction to Dogecoin has sparked the interest of many investors in buying the cryptocurrency. Due to the news, the coin increased from $0.172 to $0.188.

Recall that on January 14, 2022, Elon Musk stated that Tesla would only accept Dogecoin payments for its company. The company announced its support and said that only Dogecoin payments will be allowed and not any other. It said, "non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser."