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Tesla Takes DOGE Payments Mainstream as Musk Builds Hype

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It is now official that Tesla accepts Dogecoin (DOGE) payments for some of its merchandise. Not very long ago did Elon Musk tweet about his company accepting the famous meme coin, after which things were kept very low-key. Now, the cat is out of the bag.

Earlier this week Twitter user had confirmed the payment mode, among other modes of payment, on his Twitter handle. Although there was a huge tide of speculation, the token’s followers awaited an official confirmation from the company itself. Today, Elon Musk and Billy Markus, the founder of Dogecoin (DOGE) took to Twitter to announce that the American-based company is now accepting the meme token as payments. Musk’s tweet read,

“Tesla merch buyable with Dogecoin”

Tesla’s Electric cars not in exchange for Dogecoin

There was a bunch of merchandise listed in exchange for DOGE, but the electric cars weren’t one of them. Nonetheless, people were allowed to purchase Cyberquad bikes for kids, Giga Texas Belt Buckle, and Cyberwhistles with the altcoin.

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The company put out a support page exclusively for Dogecoin inquiries. The page guides buyers on how to purchase with the altcoin. The Dogecoin network will be charging network fees every time a payment is made using the token.

The company has ensured to bring to the notice of the purchasers that any merchandise bought with DOGE as payment cannot be canceled once the order is placed. There is also a strict no-return policy in place when a product is bought using Dogecoin. To sum it up, the company has presented a draconian policy regarding all purchases through the altcoin and called it a ‘final sale’ with no return, no cancellation, and no exchange of products.

Furthermore, it has been made very clear that Tesla only accepts Dogecoin. The company asserts that it cannot receive or detect any other cryptocurrency. A disclaimer regarding the use of any other form of digital asset has been clarified on the support page.

With this news like a gust of wind, Dogecoin (DOGE) price seems to be soaring high. At the time of writing, Dogecoin (DOGE) was priced at $0.1965 with a an escalation of 13.26% over the last 24 hours.

Tesla owner generates $800 a month in cryptomining with his car

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Tesla owner Siraj Raval mines Ethereum by connecting his graphic processing units directly to the car battery. The San Francisco native has found a unique way to mine for cryptocurrencies from his 2018 Tesla Model 3. In an CNBC interview, he revealed that he runs free bitcoin mining software on his Apple Mac mini M1 and powered the computer by plugging an inverter into the 12-volt power socket located in the center console of his car.

In addition to that, Raval attached interconnected graphics processing units or GPUs to the “frunk” of his Tesla, running these machines off the car’s internal battery.Though it risks nullifying his car warranty, Raval says it’s worth it. When the price of ether was at its highest in 2021, Raval claims he was netting as much as $800 a month.

Similar to Raval, Chris Allessi had too tried out a couple of different ways to transform his Tesla Model S into a crypto mining rig. In 2018, Allessi told CNBC he was Wisconsin’s first-ever electric car dealer who decided to fiddle with his Tesla.

In an industry like such where crypto mining is the energy-intensive process in which mchines around the world contribute their computing power to the overall network, to mint new coins and validate transactions of existing tokens. This is done by running specialized software that solves complicated puzzles. To participate, all you require is a computer and power.

Tesla mining profitable but is it worth the hassle?

Whether crypto mining powered by Tesla is profitable or not depends on the year the driver bought their vehicle.

Raval feels optimistic about the earning potential for his Tesla. Though the price of altcoins like Ethereum are prone to volatility, Raval has adopted certain tactics to ensure profitability by staking on an custodial crypto platform that offers him an annual yield of 23% on his investment. He then claims that he never ‘cashes out to U.S. dollars so that his crypto nest egg keeps growing’. Raval also buys his GPUs from eBay to cut cost.

In this way over the course of 2021, he was able to earn anywhere from around $400 to $800 a month.

Spencer Schiff finds Musk’s obsession with Dogecoin bizarre

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Spencer Schiff, a former goldbug and now an advocate for Bitcoin [BTC] finds it bizarre that Elon Musk is still so enthusiastically consumed by Dogecoin [DOGE].

Spencer Schiff, the son of an American stockbroker, financial commentator, and radio personality, Peter David Schiff, wonders why the Tesla CEO, Musk, cherishes the meme coin.

Elon Musk has been an evident supporter of the DOGE asset ever since 2019. He took to Twitter, not very long ago, to announce that his company, Tesla, will be accepting DOGE in exchange for some merchandise, specifics of the merchandise haven’t been mentioned though. Musk has always expressed his firm views of the altcoin and has been supporting cryptocurrency for a while now.

Elon Musk aware of Bitcoin Lightning Network, yet favors DOGE

The Time Magazine named Elon Musk ‘The Person of The Year” for 2021. The owner of the Bitcoin account, ‘Bitcoin Meme Hub’ posted a video of the interview and tweeted that it’s almost 2022 and the CEO of Tesla should know about the Bitcoin Lightning Network. Under this Twitter huddle , Spencer Schiff stated,

“He does. He’s mentioned it before. But for some reason he’s still obsessed with Doge, which is bizarre”

Lightning Network(LN) is a second layer to Bitcoin’s blockchain which is adduced to unblock it’s network by creating micro-payment channels between two parties, which makes the transaction faster, cheaper and more readily approved than those conducted directly on the Bitcoin blockchain. The scalability of LN is quite high, as capable as millions to billions of transactions per second across the network. According to Spencer Schiff, Elon Musk is aware of how Bitcoin LN functions, but he still calls the meme coin, Dogecoin his favorite.

Musk, in Time’s interview, said that Dogecoin is better for transactions in many ways. At the time of writing, Dogecoin was priced at $0.1827 and enjoys a bullish market with a soar of 1.75% in the last 24 hours.

Elon Musk for Dogecoin [DOGE] again; Tesla to accept DOGE?

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This is not the first time that Elon Musk has hit the headlines for his interest in DOGE. Earlier in 2019, for the first time, Elon Musk had mentioned in a tweet that Dogecoin [DOGE] might be his favorite cryptocurrency, which further spiked the value of the coin.

In the year 2020, Elon seemed to resume tweeting about his favorite coin again. His trifled tweets about DOGE contributed to the major fluctuations in the price of the asset.

Elon Musk says Dogecoin in exchange for merchandise

Time and again, the Tesla founder has fueled the woozy flutters of the altcoin’s value. Elon Musk has recently tweeted,

“Tesla will make some merch buyable with Doge & see how it goes”

The prolific Twitter user and cryptocurrency supporter gave his answer to the Twitter poll held in May 2021. He has stated that Tesla is willing to accept Dogecoin in exchange for some merchandise; what kind of merchandise hasn’t been specified yet. Contemporary to this tweet, the price of the asset seems to have hiked up by 20.77% in the last 24 hours, at the time of writing.

In a recent interview with the Times magazine, he said that Dogecoin is better for transactions. In many such ways, Elon Musk has often countenanced the asset.

Dogecoin is among the top 10 cryptocurrencies and seems to be growing faster by every tweet of Musk. His tweets have helped the meme-coin to escalate 5,859% over the last year, according to data from Coinbase.

Dogecoin was created by two software engineers who wanted to create a payment system to make fun of the deliberations in cryptocurrencies at the time. This altcoin was considered the first ‘meme coin’ given its satirical nature. Despite this, many investors consider it as a serious mode of benefit, and Elon Musk happens to be a staunch supporter and account holder of this cryptocurrency.

While Dogecoin enjoys the soar in value, Shiba Inu, commonly known as the ‘Dogecoin killer’ seems to have taken a plunge of 2.18% over the last 24 hours, at the time of writing.

Bitcoin, crypto market falters after Amazon denies rumors

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Bitcoin [BTC] climbed to $40K which, in turn, induced a rally in the rest of the cryptocurrency market rallied. As a result, the cumulative valuation soared to $1.51 trillion after a period of prolonging rangebound movement. The bullish impetus was, however, short-lived and saw a sharp reversal and after Amazon addressed rumors about its plans to accept Bitcoin payments by the end of the year. The e-commerce giant flatly denied the London tabloid report.

Amazon manages hundreds of billions of dollars in transactions every year. This makes the multinational firm a huge rostrum for cryptocurrency to make a debut as legal tender. Hence, the news ignited frenzied anticipation for the company’s purported crypto plans. The price climbed on speculation that Bitcoin might be accepted for Amazon purchases which soon flipped negative after the company’s clarification.

An Amazon spokesperson was quoted saying,

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon.”

Not Bitcoin yet, but Amazon will explore crypto and blockchain

Despite rejecting the rumors about supporting Bitcoin payments the spokesperson confirmed that the e-commerce giant was still very much interested in the cryptocurrency space and is currently testing waters. This was evident from a previous report wherein Amazon posted a job opening for a ‘digital currency and blockchain product lead.

Amazon’s spokesperson also said that the company has been “inspired” by the innovation happening in the cryptocurrency sector and is exploring what significance this market holds for it while citing the need for new technologies that facilitate modern, fast, and inexpensive payments.

Over the past couple of months, sever companies have come forward and have started to accept digital currencies for payment. This has helped Bitcoin and cryptocurrencies to seep into the mainstream conversation since up until a few years ago, the entire asset class was shunned by major financial institutions.

Most notably, the market noted a fresh boost after Tesla Chief Elon Musk asserted that the electric-car maker is gearing up to resume accepting Bitcoin as payment.

Bitcoin jumps after Elon Musk talks about reinstating BTC payments at Tesla

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Thanks to Elon Musk, Bitcoin once again neared $40K.

This was right after the CEO of Tesla Inc. tweeted that the company would resume transactions with Bitcoin when mining is done with more clean energy. Bitcoin was up by more than 12% over the past day which drove its price all the way to $39,293, at the time of writing, the highest level since the 3rd of June. The latest comment comes after the exec announced halting BTC payments at Tesla citing environmental concerns just a few months after entering the space.

His tweet regarding the same, read,

“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”

Musk’s latest argument was in response to the reports of Magda Wierzycka, the CEO of financial services company Sygnia questioning the nature of his tweets and their relation to the price action of Bitcoin and Dogecoin. In a conversation with Bruce Whitfield at the Money Show last week, Wierzycka, who happens to be one of the richest women in South Africa, took a jibe at the ‘Technoking’ when she said,

“The volatility we have seen is an unexpected function of what I would call market manipulation by Elon Musk. If that happens to a listed company, he would be investigated and severely sanctioned by SEC.”

While brushing off Wierzycka’s criticism as “inaccurate,” Musk reiterated his previous defense and went on to add that Tesla had sold nearly 10% of holdings to demonstrate that the cryptocurrency could be liquidated easily without moving the market.

Bitcoin Mining Conundrum

The debate over the environmental effect of mining BTC has intensified over the past year. In a bid to bring in sustainable methods for the same, the Square, the financial services and mobile payments company founded by Twitter CEO Jack Dorsey, had earlier announced collaborating with blockchain technology provider Blockstream Mining to build an open-source, solar-powered bitcoin mining facility. According to reports, it also planned to infuse $5 million in the renewable mining facility, with Blockstream.

The Great Bitcoin Dump; A Week That Was All About Elon Musk

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Seems like BTC advocates are not a fan of Elon Musk anymore.

The Tesla Founder is not having the best time on Twitter at the moment. He is being taken down by Bitcoin advocates all over the world. His crime? He might have just suggested dumping his Bitcoin holdings. 

First, it was Tesla suspending BTC as a mode of payment on the grounds of environmental concerns that triggered a massive fall in the price of the crypto asset. But this time, it’s this response to a hypothetical question that was enough to send Bitcoin down the bear hole again.

When a user named ‘Crypto Whale’ tweeted a scenario that “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their BTC holdings,” Musk’s response was a plain “Indeed.” 

So is it over between Tesla and Bitcoin? 

The tech giant did not clarify which part of the question he affirmed to and that is what puzzled the community leading to yet another huge sell-off episode. 

Bitcoin posted double-digit losses over the past 24-hours as it spiraled all the way down to $43K, a level that was last seen three months back. In addition, the broader crypto market also flashed red with the collective market cap falling to $2.01 trillion. 

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Musk seems to have been losing face in the crypto community. But that did not stop him from going around challenging some of the biggest BTC bulls in the space. Be it Peter McCormack or MicroStrategy’s Michael Saylor, the Tesla chief has taken a not-so-sly jibe after extending his rants from the long-brewing environmental impact to yet another debate of PoW and network centralization.

At a time like this, one would definitely not want to hear Peter Schiff’s take on the entire episode. Nevertheless, the gold bug went on to question the influence of Elon Musk’s tweet on BTC’s price and even called buying Bitcoin a “gamble” rather than investment. However, he was quickly burned by none other than Bitcoin bull developer Udi Wertheimer, whose tweet read,

“BTC down 30% and still outperformed gold on YTD? must be painful fam”

Never a dull day in crypto, eh!

Elon Musk’s tweet leaves Bitcoin crumbling below $50K

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Bitcoin has registered more than five-fold gains. However, the asset managed to go on bombshell crash the immediate aftermath of the Tesla Chief’s latest tweet. Elon Musk revealed that his electric-car firm will no longer accept Bitcoin as a form of payment citing environmental concerns.

Taking to Twitter, Musk said that the car-maker was concerned about the “rapid use of fossil fuels” for the purpose of mining Bitcoin and transactions. The exec’s tweet also read,

“Energy usage trend over past few months is insane”

He went on to confirm that Tesla will not be selling its BTC holdings as it plans to use them for transactions as soon as the network transitions to more sustainable energy for mining.

However, this was enough for yet another high-profile dumping episode by the investors which Bitcoin to spiral down $45,000-level.

There are many players in the crypto community who were not impressed by this move. Binance CEO, CZ took a dig and said

“Elon probably did not research how much energy is required to run other [non-crypto] currencies that Tesla accepts.”

The author of the book ‘The Bitcoin Standard’ and Assistant Professor of Economics at the Lebanese American University, Saifedean Ammous was quick to point out about his aerospace manufacturer and space transportation services company SpaceX’s rockets. His tweet read,

“Unless you’ve also switched your rockets and battery manufacturing to “more sustainable energy” you’re going to look like a clueless big hypocrite here. The world needs sound money far more than it needs your rockets & government-subsidized electric cars.”

Bitcoin Manipulation Debates

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The recent chain of events right from the tweet prompted debates and speculations on how Bitcoin has been impacted by the billionaire’s tweet. Not to forget the Dogecoin [DOGE] drama surrounding his infamous memes and subsequent appearance on SNL. For novice crypto investors, the ferocious crash is a reminder that the cryptocurrency’s steady consolidation can turn south in a jiffy, and much of the market still remains opaque.

VanEcK had previously debunked the energy consumption theory and reported that 76% of Bitcoin miners utilize renewable energy sources. 39% of total miner energy consumption comes from renewable sources of energy.

In any case, Musk, being one of the world’s biggest advocates of BTC and a billionaire who serves as a founder of two massive tech companies to ever exist in the world, interestingly did not know about coin’s mining’s impact on the environment before announcing Tesla’s investment of $1.5 billion in it. Hence, it is natural that there is also widespread doubt over his intentions.

Elon Musk Sets Record Straight On Tesla Selling 10% Of Its Bitcoin Holdings

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Tesla Chief, Elon Musk has cleared the air about the recent earning report regarding the dumping of Bitcoin. While pump and dump is a regular affair in the cryptocurrency industry, this time, it was car-manufacturing behemoth Tesla that sold an amount of its holding of the digital asset.

Tesla reportedly cashed out a total of $272 million in Bitcoin in the first quarter of 2021 after its high-profile massive cryptocurrency investment earlier this year. The automaker had purchased a whopping $1.5 billion worth of BTC in February and sold 10% of its holdings. It generated a profit of $101 million in the crypto-asset.

Elon Musk Clears The Air

Speculations regarding potential market manipulation arose, but its co-founder and CEO, Elon Musk has set the record straight. While responding to a tweet from Dave Portnoy, an American internet celebrity blogger, Musk went on to confirm that Tesla sold 10% of its Bitcoin holdings to prove the digital asset’s liquidity as an alternative to holding cash on the balance sheet.

He also went on to confirm retaining his personal investment in the cryptocurrency.

Musk has been known to hype the space on Twitter. The exec has advocated about Bitcoin as well as meme-coin Dogecoin. His tweets have driven the price of these two assets soaring to wild levels this bull season.

The disclosure came as part of Elon Musk’s firm’s Q1 earnings report earlier this week. The company revealed a total of $10.39 billion in revenue and made a profit of $438 million for the 3-month period ending 31st of March. Its CFO Zachary Kirkhorn had also revealed that the company intends to continue adding BTC to its balance sheet from the sales of its automobiles.

The exec was quoted saying,

“We do believe long-term in the value of Bitcoin. It is our intent to hold what we have long-term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles.”

On the other hand, Bitcoin’s price has surged back to $54K-levek after Tesla Inc. reported the gain on “digital assets”. It was up by nearly 3% over the last 24-hours.

Binance Launches Trade Stock Tokens; Begins With Tesla

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Binance, the cryptocurrency exchange, announced the launch of tokenized stock trading in collaboration with CM-Equity AG, a licensed investment firm in Germany, and Digital Assets AG, a Swiss-based asset tokenization platform.  With this, the first Binance Stock Token that was listed was Tesla Inc. with the trading pair TSLA/BUSD that went live on the 12th of April.

With this development, the users of the platform will be able to purchase fractions of actual Tesla share [which was trading at around $677].  However, it is not available to residents of the United States, mainland China, Turkey, or other restricted jurisdictions.

According to the official press release, Binance Stock Tokens are zero-commission digital tokens that are completely backed by a depository portfolio of underlying securities that essentially represents the outstanding tokens. Holders of stock tokens qualify for returns on the underlying shares, including dividends.

The main objective behind the latest move by Binance is to lower the bar for entry into high-priced stocks for potential investors.

Shortly after the announcement, the CEO of the Malta-headquartered exchange, Changpeng “CZ” Zhao, thanked Tesla chief Elon Musk in a tweet and further asserted,

“Stock tokens demonstrate how we can democratize value transfer more seamlessly, reduce friction and costs to accessibility, without compromising on compliance or security. Through connecting traditional and crypto markets, we are building another technological bridge for a more inclusive financial future.”

CZ also noted that the roll-out of Binance’s stock tokens opens up new avenues for not just crypto but also traditional investors. This launch would allow users on the platform with proper knowledge about crypto’s fractional properties to be able to branch out into equity assets with the help of a cryptocurrency and platform they are accustomed to.

Binance Coin [BNB] Price React Positively

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The exchange’s native token BNB has seen a surge of 53.34% over the past week and was currently trading at a price of $576.80 as it continued to hover close to its ATH. In fact, it was up by over 3% in the past day further strengthening its position as the third-largest crypto-asset by market cap.