DOGE Spikes 27% on Elon Musk Tweet

Tesla chief says the company will accept Dogecoin payments for merchandise “and see how it goes”. Read the full article by: Macauly Peterson

Key Points:

• Elon Musk has been busy this week as always but he is focusing his attention back on Doge. The recently named TIME’s Person of the Year tweeted this morning that Tesla will be accepting Doge coin payments for some of their merchandise.

• The price of Doge rose 28% after the tweet showing he still has the ability to influence market movement. This is the first time in awhile we have seen Musk pull this off and he also took a slight jab at Bitcoin suggesting it may not be as capable as Doge to be a currency.

• “Even though it was created as a silly joke, Dogecoin is better suited for transactions. That’s actually good because it encourages people to spend rather than sort of hoard it as a store of value.” said Musk.

• This is not exactly a negative statement about Bitcoin as we all know it has been compared to gold as a digital store of value. In the future when all BTC is in circulation and more money is behind it there will be less volatility in the price. For the time being there are still whales that can have more of a control on the market.