Musk announces Tesla will accept dogecoin for merchandise

Elon Musk, CEO of Tesla Inc, is back in the news after being named Time magazine’s ‘Person of the Year’ for 2021. Musk announced on Tuesday that Tesla will accept dogecoin as payment for merchandise on a trial basis. The announcement gave the cryptocurrency a boost, sending it up by 24 percent.

Musk tweeted, “Tesla will make some merch buyable with Doge & see how it goes.” Following the message, the cryptocurrency skyrocketed to $0.20. The billionaire did not specify what items could be purchased. The company’s merchandise ranges in price from $50 to $1,900.The company sells mini-vehicle models, apparel, limited-edition ‘Cyberwhistle’, quad bike ‘Cyberquad’, ‘Giga Texas’ belt buckles, and other items.

Bitcoin is not a good replacement for transactional currency

Musk’s tweets frequently about dogecoin. Including one in which he referred to it as the “people’s crypto,” have helped the meme coin soar 5,859 percent in the last year, according to Coinbase data. However, Musk did not specify what goods could be purchased with dogecoin, which ranges in price from $50 to $1,900. He, a supporter of cryptocurrency, has frequently endorsed dogecoin. And stated that it is better for transactions, most recently in an interview with Time magazine. Which named him “Person of the Year” for 2021 on Monday.

“Bitcoin is not a good replacement for transactional currency,” he says. In a Twitter poll in May, Musk asked users if they wanted Tesla to accept dogecoin. During a guest appearance on the comedy sketch TV show “Saturday Night Live” in May. He mentioned dogecoin as a “hustle.” Elon Musk has over 66 million Twitter followers. He certainly has heavy involvement in this year’s retail trading frenzy. Tweeting about cryptocurrencies and helping to drive their prices up. Less than two months after starting to accept the world’s largest digital currency for payment the EV manufacturer stoped accepting bitcoin for car purchases.

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