BREAKING: Dogecoin to replace Bitcoin for Tesla

Elon Musk, American billionaire and Tesla CEO, has hinted that Tesla was considering dogecoin to replace bitcoin as a payment option.

Elon is the founder, CEO, CTO, and chief designer of SpaceX; early stage investor, CEO, and product architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI.

In a tweet, he said, “Working with Doge devs to improve system transaction efficiency. Potentially promising.”

Last week, Musk had announced that Tesla was no longer going to accept bitcoin as a payment option again. The crypto market thanked, with bitcoin shedding over 10 per cent of its values in 24 hours.

In a subsequent tweet, Musk said, “To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal.”

To observers of Musk, it came as no surprise. In April, Musk had dubbed himself as the ‘Dogefather’, causing the value of dogecoin to soar.

Also, Coinbase announced that it was planning to list dogecoin on its exchange within the next six to eight weeks.

Coinbase CFO, Alesia Hass revealed this on CNBC’s Mad Money show when he was asked: “Should investors take Dogecoin seriously?”

“We are a platform. We want to offer all assets that meet our listing standards and we hope to be the place where you can come and trade anything that you want to trade,” he said.

According to coinmarketcap.com, the price of Bitcoin on Sunday (as at the time of filing this report) was $46,212.45. It had a 24-hour trading volume of $54,145,179,030. Bitcoin was down 3.59 per cent. It had a market cap of $864,714,334,687, a circulating supply of 18,711,718 BTC coins, and a max. supply of 21,000,000 BTC coins.

Ethereum was $3,573.22. It had a 24-hour trading volume of $40,959,528,998. Ethereum was down 4.97 per cent. It had a live market cap of $414,137,305,753, a circulating supply of 115,900,432 ETH coins, and its max. supply was not available.

Dogecoin was $0.506612. It had a 24-hour trading volume of $8,023,999,678. Dogecoin was up 0.07 per cent. It had a live market cap of $65,669,131,029, a circulating supply of 129,624,091,405 DOGE coins, and its max. supply was not available.