Elon Musk, the CEO of Tesla Inc, revealed on Tuesday that for a limited time, the electric carmaker will take dogecoin as payment for things as a test, sending the meme-based cryptocurrency up 24%.
“Tesla will make some things buyable with Doge and see how it goes,” Musk wrote in a tweet.
Dogecoin, a popular cryptocurrency among retail investors, rose to $0.20 after the tweet. Musk’s tweets praising cryptocurrencies, including one in which he called it the “people’s crypto,” have helped the meme coin rise 5,859 percent in the last year, according to data from the Coinbase website.
Musk did not say what things could be purchased with dogecoin, which costs between $50 and $1,900.
T-shirts, ‘Giga Texas’ belt buckles, and miniature replicas of Tesla vehicles are available, as well as limited-edition goods like the ‘Cyberwhistle,’ which is based on the company’s much-anticipated Cybertruck. It just released the ‘Cyberquad,’ a kid’s quad bike based on the truck.
Musk, a proponent of cryptocurrencies, has lauded dogecoin and said that it is better for transactions on numerous occasions, most recently in an interview with Time magazine, which awarded him “Person of the Year” for 2021 on Monday.
He remarked, “Bitcoin is not a good transactional money substitute.” Musk asked users on Twitter in May if they wanted Tesla to adopt dogecoin. In May, he referred to dogecoin as a “hustle” during his guest hosting role on the “Saturday Night Live” comedic sketch TV show.
Musk, who has 66 million Twitter followers, has been significantly involved in this year’s retail trading craze, talking about cryptocurrencies and assisting in their price rise.
Less than two months after starting to take the world’s largest digital currency, the electric vehicle manufacturer has ceased accepting bitcoin for automobile transactions.
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