Tesla Tries Dogecoin as a Payment Tool for Merchandise

Tesla Inc boss, Elon Musk, on Tuesday (14/12) said that the electric car manufacturer was piloting the use of Dogecoin as a means of payment for merchandise. The statement sent the price of the crypto coin up 24%.

“Tesla will make some merchandise available for purchase with doge. We'll see how it goes," Musk tweeted.
Dogecoin popular with retail investors rose to $0.20 after the tweet. Musk's tweets about the cryptocurrency, including when he referred to Dogecoin as the "crypto of the people," have helped the coin popular as the meme soar 5,859% over the past year, according to data from the Coinbase website.

Musk did not specifically reference Tesla merchandise that can be purchased with dogecoin. Tesla merchandise prices range from $50 to $1,900 per item.

Tesla sells clothes, belts with headscarves bearing the Giga Texas, replicas of its various car models. There are also quirky limited edition souvenirs like the Cyberwhistle', which imitates the much-awaited Cybertruck model. Tesla recently launched the “Cyberquad” four-wheel bicycle for children, which also imitates the truck model.

As a cryptocurrency advocate, Musk supports Dogecoin by declaring Dogecoin the best cryptocurrency for transactions. Musk's last such statement was when he was interviewed by Time Magazine, which named him "Person of the Year" for 2021, Monday (13/12). "Bitcoin is not an appropriate substitute as a transactional currency," he said.

In May, Musk conducted a poll via the Twitter platform. He asked whether Twitter users wanted Tesla to accept Dogecoin as a means of payment.

Musk, who has more than 66 millioķn followers on Twitter, has been heavily involved in the frenzy of retail cryptocurrency trading this year, publishing a series of tweets about cryptocurrencies, which helped send the price of the cryptocurrency soaring.

Tesla accepts bitcoins for car purchases for less than two months.

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