It’s official – you can now buy some types of products from the Tesla company using upstart cryptocurrency Dogecoin (DOGE).
Shaurya Malwa at Coindesk reports today that the use of DOGE to buy accessories has debuted on the Asian arm of Tesla’s operations.
In response the coin’s value jumped 11%.
Elon Musk tweeted recently that he would allow this merchandising to see how it works.
With this new utility, people are asking themselves whether Dogecoin is ‘better than Bitcoin’.
Near the end of the year, David Lin at Kitco quoted Jason Butcher, CEO of CoinPayments, as having this to say on the matter:
“Dogecoin represents an opportunity that I would say, hundreds of other currencies or cryptos like those actually represent. Other platforms that are out there, Solana, USDT, or even USDC, or many other coins that are out there, are actually much stronger and much better for currencies to be used as a transaction,” Butcher said. “The difficulty is, what’s the community? If you have five million people who have Bitcoin around the world, you have a community of five million people who have Bitcoin to spend, and if you only have 10,000 people who have Dogecoin, who is the community?”
Analysts are also offering rosy predictions of future Dogecoin price increases.
Here’s one that’s fairly typical:
“According to our forecast, Dogecoin is highly likely to hit $1 by the end of 2021,” writes M. Granit at Crypto-Academy. “Even though it had quite a run during 2021, this coin may experience another mooning as we approach the end of 2021. Nevertheless, its price is likely to dip by February-March 2022 and potentially create a support zone around $0.60. Dogecoin might dwell around that price for some weeks before it sets off again. Our Dogecoin price forecast shows Dogecoin reaching a potential trading value of $2-$3 as the end of 2022 approaches. Therefore, Dogecoin is likely to hit, or even surpass, the $1 milestone very soon.”
DOGE was started as a joke. Will it turn into a supreme wealth-maker?