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Tesla Accepts Dogecoin For Commodities, Musk Says

Tesla will accept the Dogecoin meme-based cryptocurrency as payment for its merchandise, such as “Giga Texas” belt buckles and mini models of tram, Managing director Elon Musk said in a tweet on Friday.

The move, which sent Dogecoin prices 14% higher, comes a month after Musk said Tesla would be testing the digital token as a payment option.

Musk, a strong proponent of cryptocurrencies, has heavily influenced the price of Dogecoin and Bitcoin, and at one point said The company will accept Bitcoin because he bought his car before axis plan.

Tesla merchandise, including “Cyberwhistle” and “Cyberquad for kids,” is a hit with its fans and usually sells out within hours of listing.

Alex Kuptsikevich, senior financial analyst at FxPro, said: “Some have noted that doge goods are selling even faster against dollars. This news is a good illustration of how money is going. electronics continue to penetrate corporate culture”.

Musk’s tweets on Dogecoin, including what he calls “everyone’s cryptocurrency,” have turned the once obscure digital currency, which started out as a social media joke. , become a speculator’s dream. The price of the token has increased by about 4,000% in 2021.

Last year, Tesla revealed that it bought $1.5 billion worth of bitcoin, and Musk also said he owns some bitcoin and Dogecoin.

Tesla is facing stiff competition as legacy automakers like Ford Motor Co as well as startups including Rivian Cars set for launch Electric Car This year.

Tesla’s much-awaited Cybertruck will start production in the first quarter of 2023, pushing back a plan to start production by the end of 2022, Reuters reported.

(Reporting by Akash Sriram, Nivedita Balu, Medha Singh, Rachna Dhanrajani and Anirudh Saligrama in Bengaluru; Editing by Shounak Dasgupta and Saumyadeb Chakrabarty)

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