Tesla’s CEO, Elon Musk, has revealed that consumers may now use Dogecoin to purchase some things. The Cyberquad for Kids (12,020 doge / roughly $2,320), a Mega Texas Integrate (835 doge / around $161), as well as the Cyberwhistle (300 doge / around $58) is among the items that may be purchased with the meme-based money. Following the announcement, Dogecoin went up a percent to roughly $0.20.
What’s The News?
Musk first announced the project on Twitter on December 14th, saying the business will “see how it works” with the bitcoin payment option. It’s unknown whether or when Tesla would accept Dogecoin as a form of payment for its automobiles. Musk has previously stated that Dogecoin is his favorite cryptocurrency. On Friday, Mr. Musk broke the news on Twitter, a month after teasing the intentions. The announcement caused Dogecoin’s value to skyrocket, albeit it eventually plummeted. Mr. Musk’s comments have had a significant impact on the pricing of digital currencies such as Dogecoin and Bitcoin.
The S3XY Mug is offered for 150 doges (approximately $29) from the UK Tesla shop, indicating that the idea is gaining support beyond the United States. Dogecoin looks to be the only option to buy some things as of this posting, as their standard payment symbols have vanished. Support for Dogecoin transactions comes only months after Tesla began taking Bitcoin for car sales, only to stop 49 days later because of worries over the usage of fossil fuels in Bitcoin mining. “Cryptocurrency is a brilliant idea on many levels, and we think it has a potential future,” Elon Musk said in a message.
The Growth From Here
The decision comes shortly after Mr. Musk suggested Tesla will test out the virtual money as a payment option, sending Dogecoin prices up more than 14% at one time. Dogecoin was formerly unknown, having been created in 2013 as a spoof of the cryptocurrency frenzy. Last year, though, its worth increased by about 4,000 percent, thanks in part to Mr. Musk’s promotion. He has termed the coin the “folk’s crypto” and stated that his space business SpaceX will take it as payment. After being challenged to clarify it during his appearance on the television program Saturday Night Live, he dubbed it “a hustle.”
It wasn’t the only electronic coin that has piqued the billionaire’s interest, since he has a sizable internet following. Bitcoin prices soared last year when Tesla announced that it had engaged in the cryptocurrency and would allow users to purchase cars with it. However, the corporation eventually abandoned that plan.