Earlier this year, Tesla CEO Elon Musk said that the company would start accepting bitcoin as payment for its cars. However, a few months later, the company changed their minds and Musk later suggested that environmental impact was the reason for this. He tweeted that the company would start accepting it again once miners start using more clean energy.
Now it seems that Tesla is accepting cryptocurrency once again, but not bitcoin, but dogecoin. Dogecoin is an altcoin that was initially created as a meme/joke, but it has somehow maintained its relevance years later. This is possibly due to Musk constantly tweeting about it, which in turn might have made more people interested in it.
Tesla will make some merch buyable with Doge & see how it goes
— Elon Musk (@elonmusk) December 14, 2021
However, you won’t be able to buy a Tesla with dogecoin just yet. According to Musk’s tweet, dogecoin will be accepted as payment but only for some merchandise, meaning like hats or t-shirts or whatever merch that Tesla sells. Musk’s tweet also sent the value of dogecoin skyrocketing by as much as 30%, but whether or not it’ll hold remains to be seen, but that’s the volatile nature of cryptocurrency.
What’s interesting about this is that Musk seems to be a huge proponent of dogecoin. A recent Time Magazine interview revealed that Tesla’s CEO believes that dogecoin is a better cryptocurrency to transact with versus bitcoin, which to him is more of a store of value rather than something you would buy and sell or transact with.