Last Updated on 16/12/2021 by Ulka
‘Elon Musk says Tesla will accept Dogecoin as payment for merchandise.’
Tesla had previously stated that it will no longer accept bitcoin for automobile purchases.
Elon Musk, the CEO of Tesla Inc, announced on Tuesday that the electric carmaker will accept dogecoin as payment for items for a limited time as a test, propelling the meme-based cryptocurrency up 24%.
In a tweet, Musk wrote, “Tesla will make some items buyable with Doge and see how it goes.”
Following the tweet, Dogecoin, a popular cryptocurrency among retail investors, soared to $0.20. According to data from the Coinbase website, Musk’s tweets about cryptocurrencies, including one in which he labelled it the “people’s crypto,” have helped the meme coin rise 5,859 per cent in the last year.
Musk did not clarify what products might be purchased using dogecoin, which ranges in price from $50 to $1,900.
Tesla sells t-shirts, ‘Giga Texas’ belt buckles, and miniature models of its vehicles, as well as unique limited-edition items like the ‘Cyberwhistle,’ which is based on the company’s much-anticipated Cybertruck. It just released a kid’s quad bike called the ‘Cyberquad,’ which is based on the truck.
Musk, a proponent of cryptocurrencies, has frequently praised dogecoin and claimed that it is better for transactions, most notably in an interview with Time magazine, which named him “Person of the Year” for 2021 on Monday.
“Bitcoin is not a good transactional currency substitute,” he stated. In a Twitter poll in May, Musk asked people if they wanted Tesla to accept dogecoin. During his guest-hosting stint on the “Saturday Night Live” comedy sketch TV show in May, he referred to dogecoin as a “hustle.”
Musk, who has more than 66 million Twitter followers, has been heavily involved in this year’s retail trading craze, tweeting about cryptocurrencies and helping to drive up their prices.
The electric vehicle manufacturer has stopped accepting bitcoin for automobile purchases, less than two months after starting to accept the world’s largest digital currency.