Crypto:
30349
Bitcoin:
$64.227
% 0.26
BTC Dominance:
%54.0
% 0.22
Market Cap:
$2.34 T
% 1.02
Fear & Greed:
63 / 100
Bitcoin:
$ 64.227
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

Tesla and X Accept DOGE? Musk’s Crypto Ambitions Grow

Tesla Doge Dogecoin

Since his 2019 tweet, which introduced the world to DOGE, Elon Musk has been a relentless promoter of cryptocurrencies for many years. In the post-period period, Musk took several measures to incorporate DOGE into his numerous ventures. He is now obtaining payment licenses for his social networking platform X and has recently approved DOGE to be a payment currency for Tasla goods. The cryptocurrency market might be significantly influenced by these advances since they reflect Musk’s step towards accepting DOGE on X.

In the low key, Tesla and Musk started receiving DOGE on their website approximately in early May 2024. The inspiration for the new functionality came from the queries that Musk asked during his visit to the Berlin gigafactory about whether it would be possible to allow DOGE payments. Why don’t we make it feasible? Musk said in response. Later, Tesla wallet users can send DOGE to purchase Tesla items. In the subsequent days, the price of DOGE increased by over 20%, despite Tesla not having confirmed the decision officially. It was easily spotted by DOGE enthusiasts.

Besides, X and Musk have been obtaining licenses in various states in the USA. They have 25 permits now, but that number is growing each month, as the study shows. Certain licenses are needed to enable P2P payments, such as Cash App and Venmo. Furthermore, even before he purchased X, Musk has an interesting story in his biography about when he wanted to offer DOGE as a payment option on a social networking site. The money transmitter licenses could be interpreted as the fact that the X team is getting ready to receive DOGE as a payment on the platform.

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DOGE on X: Musk’s P2P Payment Ambitions

X.com was started by Musk in the early 2000s for banking and payment purposes. Following the company’s merger with Confinity, Musk was briefly in charge of operations as CEO of the newly rebranded PayPal. Going to 2024, Musk plans to complete the loop by returning the pay feature of the original X.com.

Musk’s motives are clear: he wants to bring DOGE on the X platform as a P2P payment option. It might be rather hard because of the many regulatory restrictions. The obtaining of the payment licenses is a tiresome and lengthy procedure. However, Musk is willing to turn the app into a payment system and get close to his long-gone idea of an all-in-one app.

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