Tesla is going to allow people to buy some of its merchandise using Dogecoin, according to Elon Musk. The Tesla CEO has long been an advocate for cryptocurrencies and Doge appears to be a favorite. Earlier this year, Tesla invested as much as $1.5 billion in Bitcoin and even announced plans to start accepting the digital token as payment for Tesla vehicles. However, Tesla reneged on that idea a few weeks later, purportedly to protest Bitcoin’s “insane” hunger for energy.
Bitcoin aside, Musk has become a Doge evangelist of sorts, even suggesting recently that it could become the future of cryptocurrencies. However, Musk is hardly the only billionaire who is patronizing Dogecoin. Mark Cuban is also known to be a supporter of the cryptocurrency, with the Dallas Mavericks having become the first major sports team to let fans buy merchandise with the token.
In a Tweet on Tuesday, Elon Musk announced that the electric vehicle maker would start accepting Dogecoin for “some” merchandise. Tesla sells a vast number of collectibles and memorabilia on its official website, including clothing, toys, mugs, and novelty items, but neither Musk nor Tesla has specified which will now come with support for Doge as a payment method. What’s more, the Tweet suggests that it might be more of a temporary experiment, with Musk stating that the company will “see how it goes” before possibly making a long-term commitment to crypto payments.
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Dogecoin’s Value Surged Following Musk’s Comments
Following Musk’s Tweet, Dogecoin’s value surged by almost 20-percent on Tuesday, climbing from around $0.15 to $0.21 before settling around the $0.19 mark. Explaining the positive outlook on Dogecoin, Musk told Time magazine that it is the best cryptocurrency for transactions as it is designed for people to spend rather than to horde. Musk also explained an indifference towards Bitcoin, saying that its transactional value is low and cost per transaction high. It is just “not a good substitute for transactional currency,” Musk said.
As of December 14, Elon Musk is not only the world’s richest person, but also Time Magazine’s ‘Person of the Year‘. While the decision to anoint Musk with the coveted title received a mixed response from the media and online commentators, the publication suggested that the eccentric ways and outspokenness of Musk might have actually contributed towards the selection. Describing Musk as a “clown, genius, edgelord, visionary, industrialist, showman, [and] cad,” Time pointed out that the Tesla CEO is not only saving Earth from hydrocarbon pollution with electric vehicles, but also helping humans potentially colonize Mars