Dogecoin DOGE/USD creator Billy Markus reasoned that businesses are still reluctant to accept DOGE and Bitcoin BTC/USD 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 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 either
probably cuz taxes are a pain in the ass and it’s volatile af
— Shibetoshi Nakamoto (@BillyM2k) August 17, 2022
See Also: HOW TO BUY DOGECOIN (DOGE)
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 AMC, GameStop Corp GME, Newegg Commerce Inc NEGG, and, unsurprisingly, Tesla Inc 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.