Because of two main reasons, Tesla is not adding support for Dogecoin as a payment option for its Car customers.
Tesla is a giant electric car manufacturer company, which is known to produce a luxurious car with luxurious ecosystem with lots of AI-integrated systems that can drive the car automatically. Elon Musk is the owner and CEO of Tesla. Elon loves Dogecoin more than Bitcoin & Ethereum but still not adding Dogecoin as a payment option at Tesla. Possibly there may be two possible reasons behind this question.
Price impact on Dogecoin
No doubt that the price of Dogecoin is very high from its original price but still liquidity is a very big issue. At present, Doge’s rank is 11 with a $9.17 global trade volume, which is enough to show the potential of a Crypto asset.
But still, In the present time, Doge is not at that level where we can consider it a currency tool because Tesla car pricing remains very high and if a single person will buy a car through Doge payment then it may result in significant up & down in the price of Dogecoin.
Elon doesn’t want to be a decision Changer
In 2021, Tesla Introduced Bitcoin as a payment option for its customers but after a few months, Tesla suspended the Bitcoin payment option, claiming Bitcoin is not a good option in the payment system.
The next day, Tesla CEO Elon tweeted that Dogecoin is much better than Bitcoin & other cryptocurrencies to use in the payment options. At that time, the majority of the speculations claimed that Elon may put Doge in place of Bitcoin. So there are chances that Elon doesn’t want to be a part of such speculation.
However, few Tesla Merchs are available on the Tesla website, which can be bought in Dogecoin payment but these things are showing that Tesla is not confident to accept Dogecoin at a high level.
Read also: Revolut secures regulatory approval to provide crypto services
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