Elon Musk Puts Pressure on McDonald’s to Accept Dogecoin

Billionaire Elon Musk, the CEO and Cofounder of Tesla, on Tuesday, took to his Twitter page to challenge Mcdonald’s, one of the world’s iconic fast-food restaurants, to accept the popular meme coin, Dogecoin as one of its numerous payment methods across its outlets globally.

The billionaire promised to eat the company’s happy meal on tv if the company accepts the meme coin as payment.

Dogecoin immediately responded to Elon Musk’s tweet with a picture of Mcdonald’s meal containing Kabosu, the dog in the doge meme logo.

This is coming a week after Tesla and Elon Musk announced that the company has started accepting Dogecoin as payment for Tesla’s merchandise. The value of the digital asset surged by 20 percent immediately the billionaire made the announcement via his Twitter handle.

The value of Dogecoin rose by 3.76 percent on Tuesday to $0.1415 a coin, still below its all-time high of $0.7.

Cryptocurrency started falling in early December when it became clear that the US Federal Reserve will raise interest rates in 2022 to curb rising inflation and rein in prices.

According to The Wall Street Journal, the “Federal Reserve officials at their meeting last month eyed a faster timetable for raising interest rates this year, potentially as soon as in March, amid greater discomfort with high inflation.

“Minutes of their Dec. 14-15 meeting, released Wednesday, showed officials believed that rising inflation and a very tight labor market could call for lifting short-term rates “sooner or at a faster pace than participants had earlier anticipated.”