Elon Musk urges McDonald’s to accept Dogecoin for payment

Elon Musk has repeatedly touted dogecoin, including earlier this month, when he said Tesla would accept the cryptocurrency as payment for some items.


Photo:

Hannibal Hanschke / Associated Press

Elon Musk wants McDonald’s Corp.

MCD -1.16%

to start accepting dogecoin for payment.

“I would eat a good meal on TV if @McDonalds accepts Dogecoin,” Mr. Musk, CEO of Tesla Inc.,

TSLA -1.25%

said in a tweet Tuesday morning. He has repeatedly touted dogecoin, including earlier this month, when he said Tesla would accept the cryptocurrency for payment for some items.

The price of dogecoin rose 7% on Tuesday, according to CoinMarketCap.

McDonald’s later tweeted “only if @Tesla accepts grimacecoin, “referring to the purple character involved in some of the fast food company’s advertising campaigns. Tesla did not respond to a request for comment.

Mr. Musk’s tweet came after cryptocurrency prices – including dogecoin – have fallen sharply in recent days. The sale prompted McDonald’s tweets on Monday: “How are you doing with people running crypto-twitter accounts.”

Dogecoin, which originally 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 he was pressured to explain what dogecoin was during a “Saturday Night Live” performance in May 2021, Mr. Musk, who hosted the show, eventually: “Yeah, it’s busy,” which caused the price of cryptocurrency to fall.

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

In addition to accepting dogecoin to pay for some merchandise, Tesla bought $ 1.5 billion in bitcoin last year. While Mr Musk initially said Tesla would also accept payments in bitcoin, the company later suspended this initiative after Mr Musk expressed concern over high levels of fossil fuel consumption for bitcoin mining.

From the archives: Elon Musk’s comments on assets like bitcoin and dogecoin helped send prices soaring – and crashing – during the first half of 2021. WSJ explains Musk’s influence on cryptocurrency investors and why some experts believe ‘Dogefather’s ‘takes investors on a journey. Photo illustration: Liz Ornitz (Video from 14.06.21)

Write to Omar Abdel-Baqui at omar.abdel-baqui@wsj.com

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Appeared in print on January 26, 2022 as ‘Musk urges McDonald’s to take dogecoin payments’.

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