Tesla accepts dogecoin as payment for goods, says Musk

December 14 (Reuters) – Tesla Inc (TSLA.O) CEO Elon Musk said on Tuesday that the electric car manufacturer will accept dogecoin as payment for goods on a test basis, and send the meme-based cryptocurrency up 24%.

“Tesla wants to make some goods available with Doge and see how it goes,”[ads1]; Musk said in one chirping.

Dogecoin,, popular with retail investors, ran up to $ 0.20 after the tweet. Musk’s tweets on the cryptocurrency, including the one he called the “people’s crypto”, have helped meme float 5859% in the past year, according to data from the Coinbase website.

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Musk did not specify which items, starting at $ 50 and going as high as $ 1900, can be purchased with dogecoin.

Tesla sells clothing, “Giga Texas” belt buckles and mini models of its vehicles, as well as quirky items in limited editions such as “Cyberwhistle”, which is modeled after the long-awaited Cyber ‚Äč‚Äčtruck. It recently launched a quad bike “Cyberquad” for children, also modeled after the truck.

Musk, a cryptocurrency supporter, has often supported dogecoin, saying it’s 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 substitute for transaction currency,” he said.

Musk had asked users in May if they wanted Tesla to accept dogecoin in a Twitter survey. He had called dogecoin a “jacket” during his guest appearance on the “Saturday Night Live” comedy-sketch TV show in May.

Musk, who has over 66 million followers on Twitter, has been very involved in this year’s retail frenzy, tweeting about cryptocurrencies and helping to get their prices skyrocketing.

The electric car maker stopped accepting bitcoin for car purchases, less than two months after the company began accepting the world’s largest digital currency for payment.

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Reporting by Nivedita Balu and Medha Singh in Bengaluru; Editing Krishna Chandra Eluri

Our standards: Thomson Reuters Trust Principles.

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