Tesla CEO Elon Musk tweeted On January 14 that they have started accepting Dogecoin (DOGE) for merchandise payments. Previously, on December 14, Musk delivered his promise to accept DOGE. But, Tesla is yet to resume accepting bitcoin.
Merchandise from Tesla will now accept Dogecoin:
Tesla has begun accepting dogecoin payments for some merchandise. Tesla CEO Elon Musk announced it is now possible to buy Tesla merchandise with Dogecoin on Twitter. He first announced that Tesla would accept DOGE in December last year.
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After Musk’s tweet, Dogecoin surged about 10% but has since lost most of its gains. It is now possible to purchase a few items from Tesla’s shop using the meme cryptocurrency.
The prices of the items range from 205 DOGE for a Cybertruck Graffiti Cuffed Beanie to 835 DOGE for a Giga Texas Belt Buckle, 12,020 DOGE for a Cyberquad for Kids, and 300 DOGE for a Cyberwhistle.
The Tesla website states that Tesla only accepts Dogecoin. Digital assets sent to Tesla other than Dogecoin will not be returned.
On social media, some noticed that the source code on Tesla’s vehicle payment pages contained the word “dogecoin” before Tesla activated the dogecoin payment option.
Tesla, however, has not announced whether Dogecoin will be accepted for vehicle purchases. Time Magazine’s “Person of the Year,” Musk, has long been a proponent of Dogecoin. He has said that DOGE is best for transactions several times, while bitcoin is a better store of value.
In October last year, the Tesla chief revealed that many people he spoke with working on Tesla production lines or building rockets at Spacex were DOGE owners. “They aren’t techies or financial experts,” he said.
Musk explained that he decided to support Doge as it felt like the people’s crypto. Although Tesla stopped accepting bitcoins in May, citing environmental concerns, it has yet to accept them. It started accepting bitcoins in March last year but stopped in May.
Tesla will resume accepting Bitcoin when miners use reasonable amounts of clean energy and have a positive future trend. Tesla does, however, still hold BTC on its balance sheet that is worth roughly $1.26 billion at the end of Q3. While the company does not own DOGE, Musk has previously stated that he owns Dogecoin, bitcoin, and ether.
