Recently, Elon Musk revealed that Tesla’s new drive-in restaurant and cinema will accept Dogecoin as a form of payment. This news caused the price of Dogecoin to spike for a while, but it has since fallen. This is a great step for adoption and also gives meme currency even more validation. Elon Musk recently started accepting it even for certain products on his website. Maybe very soon you can also buy a car with it.
Elon Musk on the new payment method
A recent tweet from Ryan Zohour showed they were all busy just 10 minutes from the opening of new Tesla superchargers in the Santa Monica area. To this, Elon responded by saying that a Tesla restaurant and drive-in would be coming to the area very soon. He further added, “And, of course, you can pay in Doge.” So we can expect the same payment option in other places in the future.
It’s not clear that when Elon tweeted about the payment option it was only for the restaurant or the superchargers. However, I think it’s probably for dinner only.
This decision by Tesla is well appreciated by investors and Dogecoin fans. But the question is, will this really help Dogecoin revert to the previous new ATH? The price just didn’t recover after the SNL event crash, and right now it’s 80% below its all-time high. And recently, one of Doge’s main developers also left, which could hurt his future as well.
Why is Tesla opening restaurants?
This restaurant will be Tesla’s way of building customer loyalty in the EV space. They are currently finding that many users do not like the long wait times at Tesla supercharges. So having dinner in one place will give Tesla owners a place to sit down for a while and have a meal while their cars are charged. It will be a hook and add another source of income for the business.
What do you think as Elon announces that Tesla’s new drive-in restaurant and cinema will accept Dogecoin? And do you think that will help its adoption? Let us know in the comments below. Also, if you found our content informative, like it and share it with your friends.
Read also : Warren Buffet Invests $1 Billion in Bitcoin-Enabled Nubank.