Thursday, June 17, 2021

Elon Musk’s Tesla Suspends Vehicle Purchase with Bitcoin. Is DOGE Replacing BTC?

People have started to envisage the possibility of Tesla incorporating the meme token Dogecoin (DOGE) in place of the flagship cryptocurrency that has just been official rejected by the electric car manufacturing company as a payment option.

A few hours ago, Elon Musk the CEO of Tesla announced the suspension of Bitcoin (BTC) as a means of payment for Tesla cars.

Read Also: Elon Musk Says Dogecoin (DOGE) Is His Private Stimulus Package for the People as SNL Debut Approaches

The announcement posted by Elon Musk on Twitter reads as follows:

“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come as great cost to the environment.

“Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

Read Also: Elon Musk Responds to Speculation of SEC’s Investigation over Dogecoin Deliberate Pumps

Is Tesla on the Verge of Accepting Dogecoin (DOGE)?

On 11th May 2021, Elon Musk shared a Twitter poll, asking his teeming followers if they want Tesla to accept Dogecoin (DOGE) as a payment option. Out of 3,922,516 respondents, 78.2% said it’s a good idea.

The major reason for the poll has now become obvious to the crypto community and it can never be a welcoming idea to the nascent industry, especially Bitcoin community. But this could be a big chance for Dogecoin (DOGE) to thrive on one of the highest levels.

Read Also: Dogecoin (DOGE) Displaces Tether to Reclaim Top 5 in Preparation for Elon Musk’s SNL Debut

Bitcoin (BTC) Dropped To $48,000 Price Area Following the Announcement

Bitcoin (BTC), the largest cryptocurrency by market capitalization, expectedly reacted negatively to the news. The price of the digital currency dropped to $48,000 price area before a slight recovery back to $50,000.

At the time of filing this report, Bitcoin (BTC) is trading at $50,324.82, with an 11.32% price downtrend in the last 24 hours.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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