Elon Musk Mentioned That Tesla Will Recognise Dogecoin For Items
Update: 2021-12-14 20:00 IST
A representation of cryptocurrency Dogecoin is seen in this illustration. (Photo/livemint)
Elon Musk, the founder of Tesla and a billionaire, announced on Tuesday that the electric carmaker will receive dogecoin, a meme-based digital money, for items on a trial basis. In the year, the cryptocurrency market has experienced significant volatility, typically in response to Musk's tweets. His opinions on dogecoin have fueled a meteoric rise in the value of the cryptocurrency this year.
Cryptocurrencies have enraged regulators throughout the world, yet they continue to trade at record highs as investors try to profit from price volatility.
Global authorities are concerned that the rise of privately run currencies could weaken their authority over the financial and monetary systems, create systemic risks, promote financial crime, and harm investors. As per regulatory documents dated Monday, Musk has been selling a portion of his interest in Tesla, selling $906.5 million of the company's shares in his most recent transaction.
Tesla stock has dropped 21% since Musk said on Twitter in early November that he would sell 10% of his shareholding.
Meanwhile, in 2021, Musk and Tesla were important drivers of the cryptocurrency boom. In January, the electric-car manufacturer purchased $1.5 billion in bitcoin, and in March, it announced that it would begin accepting bitcoin as payment for cars.