Tesla will allow people to buy some of its branded products using the cryptocurrency dogecoin
Magazine—after being named its “Person of the Year”—Musk said dogecoin was the best cryptocurrency for transactions as it encourages people to spend instead of hoarding “as a store of value.” The billionaire noted that even though it was started as a joke, dogecoin was better suited for handling large volumes of transactions. In comparison, bitcoin was “not a good substitute for transactional currency” as its transaction volume was low and cost per transaction was high, he added.
stopped accepting the currency in May after Musk expressed concern about its high energy usage and carbon footprint.
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