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Elon Musk, CEO of Tesla and SpaceX has challenged McDonald saying: "I will eat a happy meal on TV if McDonald's accepts dogecoin," he said on Tuesday morning.

The billionaire is a holder of an undisclosed amount of cryptocurrencies such as Bitcoin, Dogecoin, and Etheruem. Musk referenced sarcastically to a tweet made by McDonald’s. "how are you doing people who run crypto Twitter accounts," the account said on Monday afternoon amid volatility on the stock market and in cryptocurrencies like Bitcoin. BTC, the largest cryptocurrency by market value and trading volume plunged to a six-month low and shed nearly half of its value after hitting a record high price of $69,000 in November 2021.

Meanwhile, the fast-food chain giant isn’t accepting any form of crypto as a payment method and isn’t willing to do it anytime soon according to several sources. 

One argument is that allowing customers to pay using cryptos isn’t cost-effective, and the transaction time is slower and can be more expensive on some networks like Ethereum where gas fees are exorbitant. 

Bitcoin and other cryptocurrencies are suffering severe losses in January. The largest cryptocurrency has plunged to $32,000 while Ethereum, the second-largest cryptocurrency traded around the two thousand ish plunging from an all-time high price of nearly $5,000 in November.

The crypto market crash followed news about The Federal Reserve raising interest to curb inflation. When the Feds raise interest rates, risky assets see a huge sell-off, and cryptos were the biggest losers.