“Tesla will make some items purchasable with Doge & see how it goes,” Musk said on Twitter. Dogecoin experienced a 24 percent increase immediately following the tweet.
Elon Musk, the CEO of Tesla, is a well-known proponent of cryptocurrencies, particularly the meme coin Dogecoin. He has now revealed that Tesla will begin taking Dogecoin as payment for some products on a trial basis.
“Tesla will make some items buyable with Doge & see how it goes,” Musk said on Twitter. Dogecoin surged 24 percent to $0.195 shortly after the tweet.
While Musk has not specified which items will be sold in exchange for Dogecoin, we anticipate that the company will begin selling clothes, belt buckles, tiny models, Cyberwhistle, and other items.
To recall, Musk held a poll on Twitter in May asking his fans if they wanted Tesla to accept Dogecoin as payment for its electric automobiles. Aside from that, he declared that Tesla will accept Bitcoin for vehicle purchases, but later reversed his decision after being chastised by those who claimed that the virtual currency is bad for the environment. He then stated that Tesla may resume taking Bitcoin as a form of payment after the cryptocurrency has matured.
Musk appears to be willing to experiment with the idea of accepting a cryptocurrency as payment once more with Doge. To avoid being chastised for his stance, he intends to first take the meme coin for items as an experiment. If the experiment is successful and there is no huge pushback, the corporation may consider making it an acceptable means of payment for its automobiles.
Unlike Bitcoin, Etherium, Shiba Inu, and other cryptocurrencies, Dogecoin does not have a coin cap, which implies there is a limitless supply. As a result, it cannot be accepted as an acceptable means of payment. However, Musk is collaborating with the founders to make cryptocurrency a viable choice.