Dogecoin (CRYPTO: DOGE) creator Billy Markus reasoned that businesses are still reluctant to accept DOGE and Bitcoin (CRYPTO: BTC) because of the cryptocurrencies' underlying volatility and tax burden.
What Happened: “Probably [because] taxes are a pain in the [a*s] and it’s volatile [as f**k],” Markus said in response to a tweet from a Twitter (NYSE:TWTR) user asking why big businesses aren’t adopting the meme coin as a means of payment despite the blockchain’s low transaction speeds and security.
most businesses don’t accept bitcoin eitherSee Also: HOW TO BUY DOGECOIN (DOGE)probably cuz taxes are a pain in the ass and it’s volatile af
— Shibetoshi Nakamoto (@BillyM2k) August 17, 2022
Merchants facilitating crypto transfers are likely taxed on the purchase and sale of cryptocurrencies as investments, rather than as a currency transfer.
Still, a number of large companies have chosen to add support for DOGE as a means of payment despite these less-than-favorable tax laws.
Some of the most popular companies that accept DOGE include AMC Entertainment Holdings Inc (NYSE: AMC), GameStop Corp (NYSE: NYSE:GME), Newegg Commerce Inc (NASDAQ: NEGG), and, unsurprisingly, Tesla Inc (NASDAQ: TSLA), which is headed by Dogecoin advocate Elon Musk.
Earlier this year, Musk said that Dogecoin should be “more currency like” in response to a post from Markus on how the coin should be used for something more than “pump and dump” trading.
Price Action: At press time, DOGE was trading at $0.085, up 7.85% over the last 24 hours, as per data from Benzinga Pro.
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