Tesla now allows customers to purchase select items using Dogecoin, the company’s company This has been announced by CEO Elon Musk. Products that can be purchased with the meme-based cryptocurrency include Cyberquad for Kids (12,020 doge / around $ 2,320), Giga Texas Belt Buckle (835 doge / around $ 161) and Cyberwhistle (300 doge / around $ 58). Business Insider notes that Dogecoin was up 16 percent to around $ 0.20 after the news.
The initiative was originally announced by Musk on Twitter on December 14th when he said that the company would “see how it goes” with the payment option for cryptocurrency. It is unclear if or when Tesla can finally accept payment for its vehicles in Dogecoin, which Musk has previously said may be his favorite cryptocurrency.
The initiative seems to be supported outside the US, with the S3XY mug that can be purchased with Dogecoin from the British Tesla store for 150 doge (around $ 29). At the time of writing, it seems that Dogecoin is now the only way to buy certain items, as their regular payment icons have disappeared.
Support for Dogecoin purchases comes just months after Tesla began accepting Bitcoin for car purchases, only to end the practice 49 days later, citing concerns about the use of fossil fuels for Bitcoin mining. “Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this may not have major costs for the environment,” Elon Musk said in a statement.
Dogecoin currently does not use nearly the same amount of energy per transaction as Bitcoin, according to research from TRG Datacenters. But Dogecoin is still an energy-intensive proof-of-work cryptocurrency, as digital currency economist Alex de Vries explained in May. Its smaller energy consumption per transaction is largely because it is currently a less valuable resource than Bitcoin.
For his part, Musk sa i mai that he worked with Dogecoin developers to “improve system transaction efficiency.” He has not been shy about his support for the cryptocurrency, which started life as a joke based on the Doge meme. “A lot of people I talked to on Tesla’s production lines or building space rockets on SpaceX own Doge,” Musk told CNBC in October. “They are not financial experts or Silicon Valley technologists. That’s why I decided to support Doge, it felt like the people’s crypto. “
Another of Elon Musk’s ventures, SpaceX, began accepting payment in Dogecoin in May and next year plans to send a satellite named DOGE-1 to the moon.