Elon Musk Says Tesla Will Begin Accepting Dogecoin
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Elon Musk has revealed that Tesla will now accept payments made in Dogecoin, the cryptocurrency.
The world’s current richest man and CEO of the electric car company took to Twitter to announce the decision today, December 14.
In comparison to Bitcoin, Musk said earlier in the week that he views Dogecoin as a better method of payment on the basis of it being able to perform higher transaction volumes. He also noted the supply for Dogecoin is not fixed.
Despite being called a ‘self-absorbed grifter’ by the co-creator of the cryptocurrency, Musk himself has previously invested in Dogecoin.
Musk tweeted:
Tesla will make some merch buyable with Doge & see how it goes.
Just minutes after Musk’s announcement, the price of Dogecoin rose by more than 14%, The Independent reports.
Co-founder of Dogecoin, Billy Markus, replied to Musk’s tweet, saying, ‘I think it’s safe to say the cofounder of PayPal might know a little something about money, so y’know, it may be interesting to take a listen.’
In May, Musk announced that Tesla would stop taking payments in the form of Bitcoin, over fears that the currency had a negative impact on the environment.
He also said he prefers Dogecoin because it has ‘dogs and memes’.
However, Musk told Time magazine, who recently named him ‘Person of the Year’ for 2021, that despite Dogecoin being created as a ‘silly joke’, it is ‘actually better suited for transactions’.
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The IndependentThe Independent
