Elon Musk Expands Dogecoin Use at Tesla, Plans X Platform Integration

May 10, 2024

Elon Musk has been a vocal advocate of Dogecoin since his initial tweet in 2019, and his recent actions suggest he’s gearing up to expand DOGE’s utility further into his business ventures. Notably, Tesla, Inc. (NASDAQ:TSLA) has started accepting DOGE as payment for its merchandise, a move following Musk’s visit to the Berlin gigafactory where the idea gained traction. This quiet rollout on Tesla’s website saw the DOGE price surge over 20% shortly after enthusiasts noticed the update.

In parallel, Musk’s social media platform, X, previously known as Twitter, is also setting the stage for broader cryptocurrency use. X has been actively acquiring payment licenses across the U.S., now holding 25, with more expected. This development is crucial for facilitating peer-to-peer transactions akin to those on Venmo or Cash App, paving the way for potential DOGE integration.

Musk’s interest in integrating DOGE into X was hinted at in a retweet he made, featuring a comparison of the old and current X.com logos and the caption “The Everything App.” This retweet, originally posted by a user associated with DOGE’s UX/UI design, suggests a full-circle vision for Musk’s involvement in online payments, tracing back to his early career at X.com, which later evolved into PayPal(NASDAQ:PYPL).

While the roadmap towards DOGE integration on X appears promising, it faces regulatory challenges. Despite these hurdles, Musk’s efforts to acquire the necessary licenses indicate a strong commitment to transforming X into an ‘everything app’ and possibly making DOGE a key element of this transformation.

Featured Image: Freepik

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