Tesla to accept Dogecoin for merchandise, CEO Elon Musk says

On Tuesday, Elon Musk, the chief executive officer (CEO) of Tesla Motors tweeted that the electric vehicle (EV) maker will accept crypto currency Dogecoin for buying merchandise on a trial basis. The Doge shot up by 24 percent after the post and was $0.195.

In his tweet, Musk said that Tesla would make “some merch buyable with Doge” and then the company would “see how it goes.”

The electric vehicle manufacturing company sells merchandise ranging from $50 to almost $1900. It sells

apparel
belt buckles
mini models of its vehicles
Cyberquad—a quad bike for kids
Cyberwhistle modeled on its Cybertruck that has not as yet made its debut.

In May, Elon Musk, who is a prolific tweeter, asked his more than sixty six million followers if they wanted the electric vehicle manufacturer to accept Dogecoin as a method of payment. The answer had been a resounding “Yes” from 78 percent of his followers.

In the same month, the quirky tweeter had described Dogecoin as a “hustle” when he appeared on Saturday Night Live (SNL). Within hours of his description, the cryptocurrency, that began as a meme, crashed.

When he called the meme coin the “people’s crypto,” it had seen a huge surge. The Dogecoin has seen a surge of 5,859 percent this year. However, it is not the only digital coin to see volatility as a result of Musk’s tweets. Every time he posted a picture of his Shiba Inu dog on social media, the value of Shiba Inu, another crypto coin has risen.

Earlier in the year, he had announced that he had bought $1.5 billion of Bitcoin in January. In March, he had posted that Tesla would accept the crypto currency for purchasing its vehicles. However, in May, he said that the EV maker would not accept it for vehicle transactions as its energy consumption was “insane.”

On Monday, Elon Musk was named “Person of the Year” for 2021 by Time Magazine.



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