Tesla to accept dogecoin as payment for merchandise, says Musk

Musk did not specify what merchandise, which starts from $50 and goes as high as $1,900, could be bought with dogecoin.

December 15, 2021 11:41 am | Updated 11:41 am IST

A representation of cryptocurrency Dogecoin is seen in this illustration.

A representation of cryptocurrency Dogecoin is seen in this illustration.

Tesla Inc chief Elon Musk said on Tuesday the electric carmaker will accept dogecoin as payment for merchandise on a test basis, sending the meme-based cryptocurrency up 24%.

(Sign up to our Technology newsletter, Today's Cache, for insights on emerging themes at the intersection of technology, business and policy. Click here to subscribe for free.)

"Tesla will make some merch buyable with Doge & see how it goes," Musk said in a tweet .

Dogecoin, popular among retail investors, raced up to $0.20 after the tweet. Musk's tweets on the cryptocurrency, including the one where he called it the "people's crypto", have helped the meme coin soar 5,859% over the past year, according to data from Coinbase website.

Musk did not specify what merchandise, which starts from $50 and goes as high as $1,900, could be bought with dogecoin.

Tesla sells apparel, 'Giga Texas' belt buckles and mini models of its vehicles as well as quirky limited-edition items such as the 'Cyberwhistle', which is modelled after its much-awaited Cybertruck. It recently launched a quad bike 'Cyberquad' for kids , also modelled after the truck.

Musk, a cryptocurrency supporter, has often endorsed dogecoin and said it is better for transactions, most recently in an interview to the Time magazine, which named him "Person of the Year" for 2021 on Monday .

"Bitcoin is not a good substitute for transactional currency," he said.

Musk had asked users in May if they wanted Tesla to accept dogecoin in a Twitter poll. He had called dogecoin a 'hustle' during his guest-host spot on the "Saturday Night Live" comedy sketch TV show in May .

Musk, who has over 66 million followers on Twitter, has been highly engaged in this year's retail trading frenzy, tweeting about cryptocurrencies and helping send their prices soaring.

The EV maker stopped accepting bitcoin for car purchases, less than two months after the company began to accept the world's biggest digital currency for payment.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.