Elon Musk is known for his love of cryptocurrencies. Last year he announced that Tesla would allow customers to buy their cars with bitcoin. Musk's tweet about this sent the price of bitcoin soaring from $48,000 to $55,000. Tesla also bought $1.5 billion worth of bitcoin in 2021. His other love, the meme-based cryptocurrency Dogecoin, which he calls "the people's cryptocurrency," has also had its ups and downs because of Elon Musk's tweets.
"Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They are not financial experts or Silicon Valley technologists. That's why I decided to support Doge, I thought it was the people's cryptocurrency." - Elon Musk says.
A few days ago Dogecoin rose in price by 16%, but later still returned to its previous price. But what is the reason for this rise?
Tesla introduced DOGE payments in January '14 and now all Tesla customers can buy brand merchandise for Dogecoin. Musk gave his opinion on DOGE, comparing it to bitcoin. According to him, even though it was created as a joke, Dogecoin is better suited for transactions. Here's the full list of available products on Tesla's website:
- Cyberquad for Kids ($12020 DOGE or about $1950)
- Model 3 in 1:18 scale (970 DOGE or about $157)
- Cybertruck Graffiti Cuffed Beanie (205 DOGE or about $33)
- Cybertruck Graffiti Trucker Hat (200 DOGE or about $32)
- Tesla branded belt buckles (835 DOGE or about $135)
- S3XY Mug (150 DOGE or about $24)
- Cyberwhistle (300 DOGE or about $48).
Tesla officials said the list of items will grow, but also said the purchases are non-refundable and can't be cancelled.
Given Elon's love of cryptocurrencies, there's no doubt that his other companies like SolarCity will increasingly incorporate them into their payment system. Elon, as "Dogefather", already accepted DOGE payments for SpaceX in May 2021 and plans to launch the DOGE-1 satelite to, surprise, THE MOON, later this year. But for now, Dogecoin are the only cryptocurrency Tesla accepts. Although news of DOGE payments raised its value by 16%, the announcement of the introduction a month ago increased Dogecoin's value by 25%.
It's still unclear whether Tesla will accept Dogecoin payments for its cars, but given current trends and Elon Musk's huge love for this cryptocurrency, you can expect anything in the coming years.