Volatile billionaire and Tesla CEO Elon Musk has offered to eat McDonald’s baby food live on TV if the fast food giant adds Dogecoin (DOGE) as an official payment method.
“I will eat Happy Meal on TV if McDonald’s accepts Dogecoin,” the SpaceX CEO wrote in a tweet Tuesday morning. Minutes after Musk’s tweet, the price of DOGE immediately jumped 7% from $0.135 to $0.145, where it remains at the time of writing.
Previous tweets from Musk have shown that the markets have moved much more substantially, and the recent announcement of using it to pay for Tesla goods has seen DOGE rise by more than 25%. The current downturn may have something to do with it, but the smaller spike suggests that Musk’s ability to influence the markets is starting to wane.
I will eat happy food on TV if @McDonalds accepts Dogecoin — Elon Musk (@elonmusk) January 25, 2022
About ten hours later, McDonald’s responded by stating, “Only if Tesla accepts Grimacecoin,” referring to a counterfeit coin featuring McDonaldland’s fuzzy purple 80s mascot called “Grimace.” Cryptocurrency adventurers were quick to respond: Grimace Coin has already been minted on Binance Smart Chain. (Disclaimer: Buying a Memcoin created in the last few hours is not considered a smart financial move.)
As always, the mainstream media has been quick to highlight the billionaire’s erratic online behavior, with the Wall Street Journal and The Independent further amplifying Musk’s cryptocurrency tweets.
The billionaire is jumping on the bandwagon of McDonald’s cryptocurrency memes that have grown in popularity on Twitter lately. The fast food giant has become inextricably linked to the cryptocurrency markets during the crisis, as influencers and investors post memes about having to take a job at the fast food chain after significant losses in the cryptocurrency markets.
Salvadoran President Nayib Bukele, whose government recently bought the BTC crash by buying up an additional 410 Bitcoins at $36,000 each, joined the trend on Jan. 23 by uploading a poorly edited photo of him wearing a McDonald’s logo hat and name tag.
#NewProfilePic pic.twitter.com/YVDlBoA2Cq — Nayib Bukele (@nayibbule) January 22, 2022
While crypto memes seem light-hearted, Musk has often used his massive 71.5 million Twitter followers to cause turmoil in the crypto markets. Earlier this month, Musk announced that Dogecoin could be officially used as payment for goods on the Tesla website, causing its price to fluctuate wildly, and his announcement to suspend the use of Bitcoin for Tesla payments in mid-2021 sent markets crashing.
Musk’s erratic behavior on Twitter has been heavily criticized in the past, with Binance CEO Changpeng Zhao (CZ) stating, “Tweets that damage other people’s finances are not funny or irresponsible.”
Even though Tesla is known to hold more than 42,000 Bitcoins at an average price of $31,700 per coin, Musk appears to be more comfortable pumping Dogecoin, recently telling Time magazine:
“Basically, bitcoin is not a good replacement for a transactional currency. Even though it was created as a dumb joke, Dogecoin is better for transactions.”
The billionaire went even further, emphasizing that the cost of a Bitcoin transaction is high and the transaction volume is low compared to DOGE. As a result, Musk argued that Bitcoin is better used as a store of value asset and that DOGE is better for spending and transactions.
Related: McDonald’s Jumps On Bitcoin Memwagon, Cryptocurrency Twitter Responds