16/08/2022

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Tesla will soon accept Dogecoin for merch sales

Elon Musk shares that Tesla will accept Dogecoin for merchandise and ‘see how it goes.’

Tesla and its CEO Elon Musk have long been intertwined with the world of cryptocurrency, primarily due to the latter’s advocacy in that space. Specifically, Musk has often spoken about Dogecoin (DOGE), sometimes to the detriment of the cryptocurrency itself. Nevertheless, the CEO envisions a future where cryptocurrency is a much more common tender, and has now found a new way to introduce it at his company. Tesla will soon begin to accept Dogecoin as a payment option for merchandise sales.

Elon Musk shared the news as he usually does – through his Twitter account. In the early morning hours of December 14, Musk tweeted that “Tesla will make some merch buyable with Doge & see how it goes.” This news came unprompted, as Musk usually replies to consumer questions and concerns on social media. Elon neglected to give a specific date that the change will happen, but it shouldn’t be too far off.

According to a reply from WatcherGuru, Dogecoin (DOGE) spiked following the Tweet from Musk, seeing a 18.76% increase in value. This is a stark contrast to when the cryptocurrency plummeted over 20% when Elon Musk exclaimed “to the moon” on Saturday Night Live earlier this year.

As Elon Musk states in the Tweet, Tesla will be observing how its merchandise shop performs once Dogecoin becomes a payment option. It’s quite possible that this could be the first step in the electric vehicle company accepting Doge, and perhaps some additional cryptocurrencies, for even more of its products and services. Just earlier this week, Elon Musk spoke more about the use of cryptocurrency, stating that Dogecoin is good for transactions, while Bitcoin is better for storing value. For more on the changes happening at Tesla, stick with us here on Shacknews.