Forex Analysis & Reviews: 12.05.2021 - CEO of Tesla, Elon Musk, is...

12.05.2021 02:10 AM

CEO of Tesla, Elon Musk, is ready to start accepting Dogecoin as a car payment

During the other day, the Tech King of Tesla and part-time "Dogefather" asked a leading question with a background to his Twitter followers: "Do you want Tesla to start accepting Doge?". This is a deliberate action to artificially raise the price of an ascending cryptocurrency, since the asset has lost 35% of its value after Musk's recent interview, where he jokingly called Dogecoin as a gimmick. In this case, the "Elon Effect" has not been canceled. On Thursday, this cryptocurrency reached a record value of $ 0.73, and then sharply declined, scaring investors and those who hurriedly rushed to invest in it. Although many experts have warned that the Dogecoin has already peaked, this is too much of a growth of 700%, and it is prohibited to take risks now by investing all your savings in it.

Dogecoin has noticeably fallen after a recent interview. So now, Elon is doing everything he can to return the upward trend and the growth of this cryptocurrency. In March, Tesla allowed purchases in BTC, and it was a commotion in the market. After that, the company acquired $ 1.5 billion worth of Bitcoin, making the leading cryptocurrency accelerate rapidly. If Tesla starts accepting Dogecoin as payment, the company will definitely add, let's say, 100,000 Dogecoin to its portfolio. The cheapest model now costs around 0.6 BTC or 78,000 DOGE.

The Twitter poll became incredibly popular, gaining almost 3 million responses, and received approval. Musk recently announced that his other company, SpaceX, will accept Dogecoin as payment and sponsorship of the lunar mission. This can help it increase its price, since Bitcoin is still unstable. It is worth noting that Dogecoin is the asset that is most similar to ordinary money and is convenient for transactions.

The billionaire's tweets have raised concerns with the Securities and Exchange Commission, but not so long ago, claims of a cryptocurrency pretext have yet to lead to some regulatory challenges.

On another note, Tesla's shares subsequently plummeted to 4% in early trading, as this huge car company flatly rejected plans to purchase land to expand its Shanghai plant.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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