Elon Musk has announced that his company, SpaceX, will start receiving payments in the cryptocurrency “Dogecoin”, despite the collapse of the cryptocurrency market, which means that Musk may try to save the “Dogecoin” from the decline.
Musk, who is the CEO of Tesla and SpaceX, has boosted cryptocurrency in the past, helping propel it to record levels nearly a year ago.
The “Dogecoin” cryptocurrency fell by more than 70% from its levels last year, amid a broad decline that included all cryptocurrencies.
A report by the British newspaper The Independent, seen by Al Arabiya.net, said that Musk “appears to be seeking once again to hijack the spotlight again, as he announced his support for cryptocurrencies in the SpaceX store.”
“Commodities can be purchased from Tesla using Dogecoin, and soon they can be used in SpaceX as well,” Musk said in a tweet on Twitter.
Musk indicated that his company, “SpaceX” may make it possible to pay in cryptocurrency for subscriptions to its services, and wrote in response to a follower who asked: “Maybe one day.”
Musk’s tweets sent the price of the Dogecoin directly up, up 10% immediately before settling up 8% from what it was before Musk’s comments.
The Independent says that Musk’s interest in Dogecoin increased significantly last year when he was regularly posting about the cryptocurrency, with his tweets driving the price to sky-highs, which culminated when he appeared on a popular TV show.