- A tweet claims that Tesla will accept DOGE as payment.
- It says that Tesla will do so after Robinhood wallets come out.
- The tweet sparked an interesting thread.
The Twitter crypto community is buzzing once again. This time the story revolves around Tesla possibly accepting Dogecoin (DOGE) as payment in the future. To specify, Matt Wallace, a crypto YouTuber and huge DOGE fan tweets a very bold post.
In detail, the tweet says that Tesla will soon announce accepting DOGE as payment. In fact, he says that Tesla will do so once Robinhood wallet comes out.
Just yesterday, Robinhood said that it is testing its new cryptocurrency wallet on its app. The wallet is set to help users send and receive funds such as Bitcoin and more. The benefit here is that they won’t need to convert their crypto into dollars.
Meanwhile, we know that Dogecoin is working on making major changes to its platform. The Dogecoin Foundation is going to re-establish itself. To do so, it has assembled an elite group of expert advisors from the field.
One of these elite advisors includes Vitalik Buterin — the founder of Ethereum. As an advisor, Buterin is hoping to see DOGE make a switch to Proof-of-Stake (PoS) consensus instead of its initial Proof-of-Work (PoW) consensus. In addition, Buterin also advises DOGE to put its funds into a DAO.
As for Tesla, it isn’t much of a stretch to consider the possibility of the firm one day accepting DOGE as payment. Tesla has already accepted BTC as payment once before. Bitcoin isn’t even favored by the firm’s CEO — Elon Musk.
DOGE, on the other hand, is clearly Elon Musk’s favorite crypto. The tech titan has constantly confirmed his affection for it on Twitter. Not to mention both Elon and Mark Cuban believe in the community behind DOGE.
Hence, although Wallace’s tweet has no concrete proof, he certainly points out a big possibility. After all, Robinhood caters to the average folk, much like Dogecoin itself. Thus, it is likely that DOGE will gain more popularity on the platform. Perhaps, even more, once DOGE re-establishes itself.
Tesla Sales Could Stall Due to Predicted Battery Component Shortage
A Tesla sales slowdown could impact its Bitcoin holdings
Elon Musk calls himself the “Technoking of Tesla,” but a new report warning of a possible shortage of lithium batteries – like the ones used in Tesla models – could scuttle his highnesses’ edicts for a sub-$25,000 electric vehicle (EV), slowing mass adoption of his vehicles.
According to GlobalData, electric car manufacturers based in the West are expected to have difficulty sourcing lithium-ion minerals for new EV batteries as demand for eco-friendly autos accelerates in the near future. The report found that EV output is projected to exceed 12.7 million cars a year by 2026, with a majority of those green machines being made in China.
In the meantime, the research goes on to state that this increased EV production and demand will drive component battery prices higher, erode profit margins, and end hopes of a $100 per kWh battery. Without that kind of an affordable recharging option to power EV production and sales, mass adoption of electric-powered cars is likely to decelerate to a “green dream” instead of a racing commercial reality.
On its website, the International Lithium Association states that natural lithium minerals are relatively abundant and found in many countries including: Australia, Chile, Argentina, Bolivia, China, Brazil, Zimbabwe, and Portugal. Those countries produce lithium raw materials at significant scale. However, it’s reported that there are bottlenecks in the production processes from raw materials to usable lithium as it takes years to reach full capacity.
As those production delays combine with increased demand, supplies will likely stay constrained at higher prices – likely curbing sales to end users
How might this impact Bitcoin? Tesla has the second largest holding of actual Bitcoin on its balance sheet of any publicly traded company except for MicroStrategy. A potential EV sales slowdown for Tesla due to battery supply chain issues could force the company to unload some of its 48,000 Bitcoin, currently valued at $3.17 billion.
Tesla already sold 10 percent of its Bitcoin as a liquidity test this summer. Last week, Musk sold 10 percent of his personal holdings of Tesla stock, and its price dropped more than 15 percent as a result. It’s not beyond Musk to dispose of large amounts of assets on a whim, especially when you consider that EV is his passion while crypto tends to be more of a distraction for the Technoking.
After Bitcoin, speculations rise about Tesla adding Shiba Inu Payment option
Elon Musk’s Tesla is back in news, flooding the crypto market with the exclusive speculation of Shiba Inu payment option for Tesla. According to Watcher News, the company website’s back-end payment procession code revealed that Shiba Inu along with Bitcoin was mentioned under the case banner code, which is currently not available for use by the public.
However, to further confirm the speculations, it is determined that in most cases, the back-end code is utilized for enabling payment methods and looking at the current back-end code, it is only fitting that Bitcoin and Shiba Inu could most likely make it to Tesla.
Is Musk Unhappy with DOGE’s market response?
Tesla CEO, Elon Musk who is a radical Dogecoin supporter, could break the internet if adding Shiba Inu to Tesla turns out to be true. Earlier today, CoinGape had reported Musk’s latest tweet supporting his favorite DOGE yet again by announcing that tuition fees for his university in Texas known as the Texas Institute of Technology & Science, will be accepted in Dogecoin, further announcing that people with a dog will get special discounts. However, regardless of Musk’s tweet, the market did not come through for DOGE as the coin only experienced the slightest hike. Does this mean that Musk is now gravitating towards Shiba Inu after witnessing DOGE’s unresponsiveness?
Tuition is in Dogecoin & u get a discount if u have a dog
— Elon Musk (@elonmusk) October 31, 2021
Snowden’s attack on meme coins and deep-pocketed manipulators
Musk who called Dogecoin as “people’s crypto” could now be reaching out to Shiba Inu, or as the legendry whistle-blower, Edward Snowden would call it, “CLONE of dog money.”. Snowden recently tweeted against the Shiba Inu frenzy, further adding Dogecoin to the roast. He referred to Dogecoin as “dog money”, and Shiba Inu as “CLONE of dog money”, arguing that he is highly doubtful about the “CLONE” bringing any fortune to its community of investors. Furthermore, in a separate tweet, Snowden expressed that people could buy “any garbage they want,”, however, he added that it’s a shame to see these investors get “emotionally manipulated into mortgaging the farm on a meme’s worth of understanding.”
🤣— Elon Musk (@elonmusk) October 31, 2021
What Can Bitcoin Be Used For?
Bitcoin is crushing the financial industry as this cryptocurrency is reaching heights like never before. Due to its advantages over regular payment methods, millions of people around the world are fond of using this cryptocurrency. Some of these advantages are instant online transactions, greater online security, and of course – the chance to make a profit.
The infrastructure of this cryptocurrency grows rapidly, and it has become far more accepted than a few years ago. Not only that, but numerous local and global businesses around the world started accepting it as a payment method. With that being said, we wanted to take a look at all the things you can do with Bitcoin.
Booking a Hotel or Buying Coffee
Speaking of global brands that accept Bitcoin as a payment method, it is worth noting that Expedia was one of the earliest supporters of this cryptocurrency. If you decide to use Expedia’s services for your next trip or vacation, you will be relieved to hear that you can book over 700,000 hotels around the world with Bitcoin. Not only that, but Expedia has stated that they plan on expanding the services and products that you can purchase with Bitcoin on their platform.
If you are fonder of just having a chill day and enjoy some time by the beach, then you can do it with a cup of good coffee. Starbucks released a statement back in 2019 that they started accepting Bitcoin as a payment method for their products.
Making A Profit
The number 1 reason why people use Bitcoin these days is to make a profit. As we stated earlier, Bitcoin’s value is around $50,000 and through the process of trading, many people have become overnight millionaires.
Reputable trading sites such as Bitcoin Prime helped them achieve that milestone. These trading sites use advanced AI softwares that analyze the market and are able to use that information and make accurate predictions of Bitcoin’s future fluctuations. In doing so, traders increase their chances of making the highest possible profit.
This tool is a very powerful asset to have and that is exactly what trading sites like the one we mentioned can provide you with.
Bitcoin can also be used to have fun and entertain yourself. Numerous online casinos accept it as a payment method since it provides the registered players with instant transactions. Not only that, but fees are not charged when depositing or withdrawing money with Bitcoin.
These sites have become extremely popular in the past couple of years. Online casinos hold numerous advantages over land-based casinos and millions of players access them each day. Some of the world’s best game providers have made sure that every online casino is supplied with hundreds of quality slot, table, card, and live dealer games that will provide the players with an unforgettable gaming experience.
Not only that, but these sites also use the latest SSL-encryption software which scrambles the data from the players and turns it into an unbreakable code. Players also register under aliases, thus gain a certain level of anonymity.
The fact that Bitcoin also increases their anonymity in the online world makes security impeccable. The only thing to remember when accessing these sites is to play responsibly and for entertainment purposes only.
Purchasing Vehicles (Maybe)
Tesla was the latest global brand to invest in Bitcoin. The company invested over $1.5 billion in this cryptocurrency and made $1 billion in profits a few weeks after. They have stated that they plan on integrating Bitcoin as an accepted payment method for their vehicles and services. They are currently working on making that possible.