{"id":2928,"date":"2022-01-17T16:03:17","date_gmt":"2022-01-17T16:03:17","guid":{"rendered":"https:\/\/xcoins.com\/?p=2928"},"modified":"2022-11-02T13:14:09","modified_gmt":"2022-11-02T13:14:09","slug":"tesla-launches-dogecoin-payments-as-plans-for-bitcoin-defence-fund-are-revealed","status":"publish","type":"post","link":"https:\/\/xcoins.com\/en\/blog\/tesla-launches-dogecoin-payments-as-plans-for-bitcoin-defence-fund-are-revealed\/","title":{"rendered":"Tesla Launches Dogecoin Payments as Plans for Bitcoin Defence Fund Are Revealed"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">While cryptocurrency markets stabilized, crypto innovation pushed forward this week. In South America, the Mayor of Rio de Janeiro revealed his plans to make the city the main crypto hub for Brazil. Dogecoin prices spiked thanks to the launch of DOGE payments on Tesla\u2019s merchandise store and the former CEO of Twitter, Jack Dorsey, outlined a legal defense fund for bitcoin developers.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rio de Janeiro to place 1% of state reserves into crypto<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tesla launches Dogecoin payments<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Jack Dorsey creates Bitcoin Legal Defense Fund<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Visa survey finds 1 in 4 businesses to accept crypto payments in 2022<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">US inflation figures reach 7% &#8211; highest in four decades<\/span><\/li>\n<\/ul>\n<h2><b>Rio de Janeiro to place 1% of state reserves into crypto<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Following in the footsteps of Miami, Eduardo Paes, the Mayor of Rio de Janeiro, wants to make the city the hub of cryptocurrency development in Brazil. According to a <\/span><a href=\"https:\/\/valor.globo.com\/financas\/noticia\/2022\/01\/13\/eduardo-paes-quer-aplicar-parte-do-tesouro-do-rio-em-criptomoeda-e-dar-desconto-para-iptu-pago-em-bitcoin.ghtml\"><span style=\"font-weight: 400;\">report from local newspaper O Globo<\/span><\/a><span style=\"font-weight: 400;\">, part of that plan will involve placing 1% of the city\u2019s treasury into cryptocurrencies.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Mayor\u2019s views were outlined during Rio Innovation Week where he sat on a panel with Miami\u2019s crypto-bull Mayor, Francis Suarez. Suarez has implemented several bullish proposals for the city of Miami including a plan to pay residents a \u2018bitcoin yield\u2019 for holding the native Miami city coin. These are proposals that have encouraged Paes with his plan for Rio.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On Thursday, Paes reportedly said, \u201cwe are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency.\u201d In further conversations with Rio\u2019s Secretary of Finance and Planning, Pedro Paulo, it was suggested that the city was also looking to offer residents a 10% discount on property taxes paid in Bitcoin. In addition to benefits for residents, Paes also said that \u201cthe government has a role to play\u201d when it comes to introducing tax exemptions for the entire cryptocurrency industry.\u00a0<\/span><\/p>\n<figure id=\"attachment_2931\" aria-describedby=\"caption-attachment-2931\" style=\"width: 1500px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-2931 size-full\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/rio-view.jpg\" alt=\"Image looking down on the city of Rio de Janeiro\" width=\"1500\" height=\"948\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/rio-view.jpg 1500w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/rio-view-300x190.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/rio-view-1024x647.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/rio-view-768x485.jpg 768w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><figcaption id=\"caption-attachment-2931\" class=\"wp-caption-text\">Aerial panorama of Christ and Sugar Loaf Mountain, Rio De Janeiro, Brazil.<\/figcaption><\/figure>\n<h2><b>Tesla launches Dogecoin payments<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">It was a bullish week for Dogecoin as the meme-based cryptocurrency was integrated with Tesla\u2019s <\/span><a href=\"https:\/\/shop.tesla.com\/\"><span style=\"font-weight: 400;\">online merchandise store<\/span><\/a><span style=\"font-weight: 400;\">. The announcement was made by the company\u2019s CEO, Elon Musk, via <\/span><a href=\"https:\/\/twitter.com\/elonmusk\/status\/1481873421390680065\"><span style=\"font-weight: 400;\">Twitter<\/span><\/a><span style=\"font-weight: 400;\"> on Friday. As soon as news broke, Dogecoin prices soared to $0.19 &#8211; a rise of 11% for the day.<\/span><\/p>\n<figure id=\"attachment_2933\" aria-describedby=\"caption-attachment-2933\" style=\"width: 1957px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-2933 size-full\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165821.png\" alt=\"Elon musk's tweet announcing Tesla merchandise can be bought with dogecoin\" width=\"1957\" height=\"735\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165821.png 1957w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165821-300x113.png 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165821-1024x385.png 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165821-768x288.png 768w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165821-1536x577.png 1536w\" sizes=\"(max-width: 1957px) 100vw, 1957px\" \/><figcaption id=\"caption-attachment-2933\" class=\"wp-caption-text\">Tweet from CEO, Elon Musk, confirming Tesla merchandise could be purchased with Dogecoin<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The experiment for using Dogecoin was first outlined by Musk back in December. Since then, Dogecoin fans worldwide have been waiting in anticipation of the launch to see how Dogecoin would be integrated. It is Musk\u2019s long-held belief that Dogecoin is far more useable for everyday transactions than the world\u2019s leading cryptocurrency &#8211; Bitcoin. A sentiment that will now be put to the test.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some items can now only be purchased using the meme cryptocurrency. These products include a Giga Texas Belt Buckle that costs 835 DOGE, a kids Cyberquad that costs 12,020 DOGE, a Cybertruck Graffiti Cuffed Beanie that costs 205 DOGE, and a Cyberwhistle that costs 300 DOGE.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the experiment is a success it is possible that the company may expand the range of products available for Dogecoin payments. Before the Dogecoin payment launch, it was noticed that the word \u2018dogecoin\u2019 was also listed within the source code of the Tesla vehicle payment page. The company has so far not commented on this addition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Back in Q1 2021, Tesla purchased $1.5 billion Bitcoin for the company\u2019s balance sheet and began accepting Bitcoin for vehicle purchases. However, the option for payment was quickly removed due to the environmental concerns related to Bitcoin mining.<\/span><\/p>\n<figure id=\"attachment_2935\" aria-describedby=\"caption-attachment-2935\" style=\"width: 1942px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-2935 size-full\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165933.png\" alt=\"Cyberquad for Kids listed on the Tesla merchandise store for 12,020 DOGE\" width=\"1942\" height=\"1015\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165933.png 1942w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165933-300x157.png 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165933-1024x535.png 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165933-768x401.png 768w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/Screenshot-2022-01-17-165933-1536x803.png 1536w\" sizes=\"(max-width: 1942px) 100vw, 1942px\" \/><figcaption id=\"caption-attachment-2935\" class=\"wp-caption-text\"><em>Cyberquad for Kids listed on the Tesla merchandise store for 12,020 DOGE<\/em><\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<h2><b>Jack Dorsey unveils plans for Bitcoin Defense Fund<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The founder of Block and former CEO of Twitter, Jack Dorsey, this week <\/span><a href=\"https:\/\/twitter.com\/zackvoell\/status\/1481081232356163585?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1481081232356163585%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fjack-dorsey-announces-bitcoin-legal-defense-fund\"><span style=\"font-weight: 400;\">shared plans<\/span><\/a><span style=\"font-weight: 400;\"> regarding a \u201cBitcoin Legal Defense Fund.\u201d The fund will be created in partnership with Chaincode Labs founder Alex Morcos and Martin White.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Evidence of the fund was first seen in an email sent to Bitcoin developers. The email explained that the fund will be there to help bitcoin developers who are \u201ccurrently the subject of multi-front litigation.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As outlined in the email, the sentiment behind the fund is to allow bitcoin developers to focus on what they do best: the development of the bitcoin ecosystem. Bitcoin developers\u2019 who are independent often have to stop work when legal pressure is too high.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Continuing, the email stated that the fund plans to be a \u201cnonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects. The main purpose of this fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills.\u201d<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><b>Visa survey shows 1 in 4 businesses plan to accept cryptocurrencies<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The global payment giant, Visa, announced last week that it had conducted a <\/span><a href=\"https:\/\/usa.visa.com\/about-visa\/newsroom\/press-releases.releaseId.18711.html\"><span style=\"font-weight: 400;\">global survey<\/span><\/a><span style=\"font-weight: 400;\"> focused on small businesses globally. As part of the survey, businesses were questioned on their intentions to accept cryptocurrency payments. Results from the survey showed that 24% were preparing to accept crypto payments in 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The survey, which was conducted with 2,250 businesses located across 9 countries including the United States, Ireland, Brazil, and Germany, highlighted that cryptocurrencies are beginning to be accepted as a form of payment. The report detailed that an \u201coverwhelming 82% of SMBs surveyed said they plan to accept some form of digital option in 2022 and 73% see accepting new forms of payments as fundamental to their business growth.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jeni Mundy, Visa\u2019s Global Head of Merchant Sales commented on the reasons why small businesses are coming around to cryptocurrency payments. \u201cI think more people are feeling more confident with crypto.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition to small businesses, Visa also questioned the consumers within the countries. Out of these consumers, 13% are expecting cryptocurrency payments to be available when they shop in 2022.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2937 size-full\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/visa-1500.jpg\" alt=\"Photo of the front of VISA headquarters\" width=\"1500\" height=\"1000\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/visa-1500.jpg 1500w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/visa-1500-300x200.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/visa-1500-1024x683.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/01\/visa-1500-768x512.jpg 768w\" sizes=\"(max-width: 1500px) 100vw, 1500px\" \/><\/p>\n<h2><b>US inflation rates reach 7%\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">On Tuesday, the U.S. Labor Department published the <\/span><a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/cpi.pdf\"><span style=\"font-weight: 400;\">Consumer Price Index (CPI) figures<\/span><\/a><span style=\"font-weight: 400;\"> for the month of December. CPI, which measures the price of a basket of goods and services, is often used by investors as a proxy for inflation. The results published for December showed that the rate of inflation had increased 7% year-on-year &#8211; the highest annual increase in CPI figures since 1982.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Throughout 2021, the Federal Reserve had described the effects of inflation as transitory: an element that would pass as supply chains equilibrate after the pandemic. However, a leveling in prices is yet to be seen. The continual increase in CPI figures is now drastically reducing the purchasing power of U.S. citizens.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Federal Reserve has previously outlined plans to drastically reduce government spending and has signaled the use of several interest rate hikes throughout 2022. Most experts now believe that several interest rate hikes in 2022 are extremely likely to tackle the rising inflation figures. The next meeting of the Federal Reserve is set to take place on 25-26th January.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After the release of CPI figures, crypto markets &#8211; in particular Bitcoin &#8211; experienced an immediate increase. The price of the leading cryptocurrency rose to $44,000. <\/span><a href=\"https:\/\/xcoins.com\/en\/blog\/why-the-us-dollar-is-worth-so-much-less-today-than-in-the-past\/\"><span style=\"font-weight: 400;\">Bitcoin is often viewed as a hedge against inflation<\/span><\/a><span style=\"font-weight: 400;\"> due to its limited circulating supply.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">To stay up to date on all things crypto, like Xcoins on <\/span><\/i><a href=\"https:\/\/www.facebook.com\/xcoinsofficial\"><i><span style=\"font-weight: 400;\">Facebook<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> and follow us on <\/span><\/i><a href=\"https:\/\/twitter.com\/realxcoins\"><i><span style=\"font-weight: 400;\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, <\/span><\/i><a href=\"https:\/\/www.instagram.com\/xcoins.hq\/\"><i><span style=\"font-weight: 400;\">Instagram<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> and <\/span><\/i><a href=\"https:\/\/www.linkedin.com\/company\/54161996\/\"><i><span style=\"font-weight: 400;\">LinkedIn<\/span><\/i><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While cryptocurrency markets stabilized, crypto innovation pushed forward this week. In South America, the Mayor of Rio de Janeiro revealed [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":2929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-2928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.9 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tesla Launches Dogecoin Payments I Xcoins<\/title>\n<meta name=\"description\" content=\"Rio de Janeiro plans to place 1% of its treasury into cryptocurrencies, Tesla launches Dogecoin payments and Jack Dorsey forms a Bitcoin legal defence fund.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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