Tesla CEO Elon Musk – the guy who frequently causes Bitcoin prices to drop like flies – recently talked about why Dogecoin isn’t as popular as it should be. He stated that the prices of the cryptocurrency need to drop quite a bit for customers to adopt using it regularly in retail.
“Super important for Doge fees to drop to make things like buying movie tix viable,” the Tesla Chief Executive said in a tweet, while talking about AMC Entertainment Holdings Inc.’s plans to accept the cryptocurrency as a tender.
Billy Markus, a co-creator of Dogecoin, responded to the tweet while urging developers to release a software update.
Dogecoin in India: Can you Buy it?
Currently, cryptocurrency is not considered to be a legal tender in India. This means that you cannot use it to sell or buy any item, the way people have been doing in some countries abroad. However, that does not mean that cryptocurrency and its knowledge is redundant within the Indian context.
In India, it is perfectly legal to use cryptocurrency as an investment tool to grow your wealth. In fact, there are many homegrown apps such as CoinSwitch Kuber and WazirX that allow you to do so.
There are reports of the Reserve Bank of India developing its own cryptocurrency that will be used as legal tender – however, there’s no indication of when it will be launched. Officials have stated that the implementation of cryptocurrency in India will occur in a phased manner.
Also read: Bitcoin Law: El Salvador declares Bitcoin as legal tender
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