The world’s richest man hinted that he would be accepting a certain crypto as payment in his Tesla stores, and true to his word, Dogecoin hit the big time!
You know, when I first started on my crypto journey I have to admit I was NOT aware that it was going to be such a rollercoaster ride.
I’ve taken less emotional damage ending a relationship than I have in my few short months trying to navigate the crypto world, and no, I’m not being facetious.
It’s the fact that each and every time I feel like I’ve got stable footing…something happens to pull the proverbial rug from under my feet and I wind up taking a tumble.
I’m pretty resilient, but still, it would be a lot cooler if these things behaved with a little uniformity.
Of course, their volatility is what makes them so attractive. So, while I’m sitting here whining about it I can’t stop thinking there’s a way to understand it all.
I’m just not there yet.
That being said, at least ONE thing worked out like it was supposed to. As cryptos seem to be getting a boost today from somebody that DOES seem to have a grasp on everything crypto…Elon Musk.
The Wonderkind Delivers Again
There’s no doubt that Elon Musk is one of the brightest minds on the planet right now.
The guy has an almost Midas touch when it comes to projects; everything he touches seems to be a success.
PayPal (PYPL)… success. Tesla (TSLA)… success. SpaceX… success. The Boring Company… success. Not-A-Flamethrower… success.
Add on top of that the fact that every time the man mentions cryptos on Twitter, they seem to get a boost due to the fact that world’s richest and smartest man uttered their existence.
A few months ago, Elon told the world that he would start accepting the crypto Dogecoin as payment at his Tesla stores for things like shirts, hats and other swag.
Him even MENTIONING that he was considering taking the cyrpoto gave Dogecoin a boost that day.
Well, fast forward to January 14th and true to his word: Tesla’s online store started accepting Dogecoin. And do you know what happened?
You guessed it…Dogecoin got an almost 10% pop from it.
At one point Doge was up over 15% – all because Elon gave them a purpose.
And it all happened with one little tweet:
How crazy is that?!
Elon Puts Dogecoin On The Map!
What can you get with your Dogecoin?
Well, for now, there are only a small number of items buyable with Dogecoin, which, may I remind you, actually started out as a joke coin.
A whistle shaped like Tesla’s Cybertruck costs 300 Doge – or about the equivalent to roughly $59 at the time of writing…
As well as a commemorative belt buckle to celebrate Tesla’s Gigafactory in Texas was going for 835 Doge – or about $164.
There’s also a few more drawbacks.
Users will need a Dogecoin wallet in order to transfer the currency to Tesla, and in the case of overpayment, don’t expect to get that money back.
The site says, “if …an order is overpaid in Dogecoin, the overpayment amount will not be refunded to the original form of payment.”
Not only that, Tesla warned that it can take up to six hours for the Dogecoin network to confirm the payment, and most importantly, the company says that any orders paid for in dogecoin cannot be canceled or refunded.
Once you’ve bought them they’re yours.
Regardless of the drawbacks, this is still a cool development as this is truly just a dry run to see how taking crypto as payment works.
This may open things up for Tesla customers, who, at some point, may be able to buy an actual vehicle with their cryptocurrency.
Only time will tell…
For now, Dogecoin holders are happy, and they should be! Elon gave them all a gift and it’s definitely not a Not-A-Flamethrower.
Thanks, Elon…If something’s important enough, you should try. Even if – the probable outcome is failure.
You’re a mensch!
“If something’s important enough, you should try. Even if – the probable outcome is failure.” – Elon Musk