What it does The CEO of Tesla, Elon Musk, has said that the coin might be used again as a way to pay on the company’s website. Musk is a known fan of Dogecoin. It’s been about two years since Tesla’s website no longer had the memecoin Bitcoin.
Musk often called Dogecoin his “favorite cryptocurrency.” The first time it was listed as a way to pay on Tesla’s website was in January 2022. People could buy a few things with bitcoin, like clothes and cosmetics. People who used to be able to pay with Dogecoin were left wondering why they could no longer do so.
News about the return of Dogecoin picked up speed when someone on Musk’s social networking site X.com asked if anyone wanted Tesla to bring it back as a payment method. People who like both Tesla and Dogecoin were happy with Musk’s short answer, “Me.”
So it’s not clear why Dogecoin was taken out as a payment method at first. The Tesla store only takes credit cards right now. Tesla never let people pay for cars with Dogecoin, and the company never said anything public about taking it away.
Tesla’s changed stance on cryptocurrency payments has caused confusion, especially because Musk wants to protect the environment. Musk said in 2021 that Tesla would buy Bitcoin again if it was mined using cleaner energy. It is well known that both Bitcoin and Dogecoin use a lot of energy, which goes against Tesla’s plans to use green energy.
Elon Musk’s Environmental Stance Questioned After Dogecoin lawsuit
Musk’s environmental image has also been called into question because he openly backs former President Donald Trump, who has said that if he wins again, he will undo clean energy projects.
A U.S. District Court threw out a federal lawsuit accusing Musk of manipulating the Dogecoin market, which was a legal victory. Now, Musk is supporting the coin again. The claim says Musk cheated the markets and traded on inside information to drive up the price of Dogecoin by more than 36000% and then let it fall, which caused investors to lose a lot of money.
The complaints claimed Musk’s actions were akin to a “Dogecoin Pyramid Scheme” designed to profit from market volatility. Judge Alvin Hellerstein said, however, that Musk’s remarks on Dogecoin were “aspirational and puffery, not factual,” and that no prudent investor could use them to guide decisions.
The court also didn’t find enough proof to support claims of a “pump and dump” operation, so it ruled that the accusations were not based on facts.
