Elon Musk Reveals Why He Supports Dogecoin, Not Bitcoin.

The tech billionaire has finally shared the real reason why he favors and supports popular memecoin Dogecoin. 

Tesla CEO Elon Musk has once again expressed his support for Dogecoin (DOGE) calling it the people’s crypto. The billionaire said that he advocates the memecoin because it is accessible to regular people, unlike Bitcoin, which only the rich support. 

“DOGE is people’s crypto. I will support it. A lot of rich people support Bitcoin, but I will support Dogecoin. You know what, Dogecoin is for you (the regular people) and I will support it,” Musk said during his recent visit to Berlin, Germany.

The Tesla CEO disclosed the reason behind his decision to endorse the memecoin, stating that it is fueled by his interactions with people working in the Tesla factory who urged for his support. He also said that a similar request was made to him at SpaceX by visitors therefore he concluded: “If the people on the line want me to support DOGE, I’ll support DOGE.”

Tesla Set to Enable Payments with Dogecoin

Further expressing his support for the meme coin, the tech billionaire said that DOGE might be accepted as a payment method for Tesla “at some point.” However, he did not say when that will happen. 

Moreover, this is not the first time the electric manufacturing company has dabbled in Dogecoin. Tesla started accepting DOGE as payments for branded products in January 2022.

Although it started as a joke, the meme coin has gained favor with many corporations, resulting in increased adoption. For instance, the luxury car producer Ferrari began accepting Dogecoin as a means of payment in the United States earlier this year. 

Musk’s Influence on Dogecoin

Often regarded as the Doge father, Musk has expressed his fondness for the dog-themed meme coin on multiple occasions which has historically had a significant influence on Dogecoin’s value.

Notably, Musk’s recent statements also sparked enthusiasm among investors as the market price of the meme coin witnessed a sudden surge. According to price tracking platform Coinstats, Dogecoin’s price increased by 7.23% in the past 24 hours to $0.183 at the time of writing. 

Dogecoin began as a joke/meme featuring the face of a Shiba Inu dog. The memdcoin, which debuted in December 2013, has proven to be more than a meme. Based on market capitalization, it has risen to the top of the memecoin rankings. Its user base has also grown significantly.