Elon Musk Says Tesla Will Accept Dogecoin As Commodity

Tesla Inc will accept Dogecoin, a meme-based cryptocurrency, as payment for its products such as the “Giga Texas” belt buckle and mini-model electric vehicles, CEO Elon Musk said in a tweet on Friday.

The move, which sent Dogecoin prices up 14%, comes a month after Musk said Tesla would test the digital token as a payment option. Musk, a vocal proponent of cryptocurrencies, has heavily influenced the prices of Dogecoin and bitcoin, at one point saying the company would accept bitcoin to buy its cars before canceling plans.

Tesla’s merchandise, which also includes the recently released “Cyberwhistle” and “Cyberquad for Kids,” are a hit with their fans and typically sell out within hours of listing. “Some have noticed that doge products are selling even faster than for dollars.

This news is a good illustration of the continued penetration of cryptocurrencies into corporate culture,” said Alex Kuptsikevich, Senior Financial Analyst at FxPro.

Musk’s tweets about Dogecoin, including one in which he called it the “people’s cryptocurrency,” have turned the once-obscure digital currency, which began as a joke on social media, into a speculator’s dream.

The price of the token has risen roughly 4,000% in 2021. Tesla revealed last year that it had bought $1.5 billion worth of bitcoin, and Musk also said he owns bitcoin and dogecoins.

Tesla faces intense competition as legacy automakers such as Ford Motor Co, as well as startups including Rivian Automotive, are set to launch their electric cars this year. Tesla’s long-awaited Cybertruck will start production in the first quarter of 2023, pushing back its plan to start production in late 2022, Reuters reported.

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Elon Musk Says Tesla Will Accept Dogecoin As Commodity

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