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Elon Musk Urges McDonald’s to Accept Dogecoin for Payment

Elon Musk Urges McDonald’s to Accept Dogecoin for Payment



The tweet comes after cryptocurrency prices—including dogecoin—have fallen sharply in recent days. The selloff prompted McDonald’s to tweet on Monday: “how are you doing people who run crypto twitter accounts.”

Dogecoin, initially started as a joke in 2013, is currently in the top 10 by market value for cryptocurrencies, according to CoinMarketCap. Its value tends to fluctuate based on what Mr. Musk says about the volatile cryptocurrency.

When pressed to explain what dogecoin was during a “Saturday Night Live” performance in May 2021, Mr. Musk, who was hosting the show, eventually said, “Yeah, it’s a hustle,” which sent the cryptocurrency’s price falling. 

The price of dogecoin has lost roughly 80% of its value since Mr. Musk’s SNL appearance.

In addition to accepting dogecoin for payment for some merchandise, Tesla last year bought $1.5 billion in bitcoin. While Mr. Musk initially said Tesla would also accept payments in bitcoin, the company later suspended that initiative after Mr. Musk expressed concerns about high levels of fossil-fuel use for bitcoin mining.

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Harvey Yan


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