Tesla Ditches Bitcoin Reference in Payment Code, Spares Dogecoin

Tesla Ditches Bitcoin Reference in Payment Code, Spares Dogecoin

In a new revelation that contradicts circulating rumors, Tesla has reportedly edited out Bitcoin (BTC) references from the source code of its payment page while leaving intact references to Dogecoin. 

Chinese reporter Colin Wu, acclaimed for his insight into the blockchain and crypto industry, debunked speculations on Twitter, establishing that Bitcoin (BTC) and Dogecoin (DOGE) have been embedded in Tesla’s source code since January 2023.

Rumors have been rife within the cryptocurrency world that Tesla might reintroduce Bitcoin to its payment methods. However, a thorough fact-check has demonstrated that Bitcoin and Dogecoin were part of Tesla’s source code as far back as January 2023. Wu’s investigation, sourced from web archive data, revealed that the recent code changes did not introduce these cryptocurrencies but had been in place since the start of the year.

Tesla has not remained silent on these conjectures, however. In a recent move, the technology juggernaut has eliminated all references to “bitcoin” from its payment page source code. Notably, checks by Wu revealed that the “dogecoin” code string remains untouched.

Tesla Ditches Bitcoin Reference in Payment Code, Spares Dogecoin

Tesla’s past engagement with Bitcoin 

In 2021, Tesla suspended using Bitcoin for car purchases due to increasing concerns about using fossil fuels for Bitcoin mining and transactions, especially coal. The company underscored its belief in the promise of cryptocurrencies but maintained that their development should not be detrimental to the environment.

This decision sparked various responses, with Michael Saylor, the executive chairman of MicroStrategy, offering a contrary viewpoint. He asserted that the energy consumption attributed to Bitcoin transactions doesn’t pose an extra burden but fortifies the entire crypto-asset network. He further postulated that the long-term net effect on fossil fuel consumption could be damaging.

Tesla Ditches Bitcoin Reference in Payment Code, Spares Dogecoin

Musk’s influence on Dogecoin

Tesla CEO Elon Musk, well known for his influence in the crypto world, recently tweeted a seemingly nonsensical statement about the cartoon character Scooby-Doo with the caption “Doges ftw.” This was yet another attempt to bring Dogecoin into the limelight and bolster its value. Indeed, following his tweet, Dogecoin’s market cap briefly increased by about $320 million in just 15 minutes.

Musk’s motivations behind these maneuvers remain unclear. Matt Levine of Bloomberg, however, has suggested that Musk’s tweets may be an easy and effective way to boost Dogecoin’s value and potentially profit from its subsequent sale.

Dogecoin market response

In the wake of these events, Dogecoin‘s performance has significantly impacted the decentralized finance market. During the past 24 hours up to the time of writing, the cryptocurrency had been trading at $0.073952, up 4.34%, with a trading volume of approximately $705 million.

Ranked 8th on CoinMarketCap‘s largest digital assets by market capitalization, Dogecoin currently boasts a market value of around $10 billion (making it a large cap asset). The circulating supply is about 140 billion DOGEs, while the maximum supply remains undisclosed.

Tesla Ditches Bitcoin Reference in Payment Code, Spares Dogecoin

DOGE/USD price chart, Source: CoinMarketCap

As the crypto market continues to evolve, it will be interesting to monitor how Tesla’s actions and Musk’s tweets influence the value and reputation of various cryptocurrencies. While Tesla’s recent purging of Bitcoin references raises questions, its decision to retain Dogecoin references in its payment code has certainly stirred up intrigue and speculation among market watchers and crypto enthusiasts alike.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.