Elon Musk Says Tesla Is Accepting Dogecoin For Some Items

Elon Musk

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Tesla Inc.

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is accepting payment for some goods in dogecoin, a return to an electric vehicle manufacturer that accepts digital currencies for some payments.

Tesla CEO said in a tweet early Friday, “Tesla goods can be purchased with Dogecoin.” The company’s website displayed a number of items, including one labeled “Giga Texas Belts,” priced in cryptocurrency.

Dogecoin rallied more than 10% following Musk’s tweet.

Mr. Musk has a record of Cryptocurrency comment. Dogecoin’s value skyrocketed late last year when Musk said Tesla would make certain goods available for purchase with payment.

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Last year, Tesla bought $1.5 billion in bitcoin. Musk also said at the time that the company would begin accepting payments in crypto. It’s late suspend those purchases after Mr. Musk expressed concern about the high levels of fossil fuel use for bitcoin mining.

Mr. Musk said last year that him and his rocket company, Space Exploration Technologies Corp., or SpaceX, holds bitcoin. The billionaire CEO said he also owns ethereum and dogecoin, other cryptocurrencies, though those shares are worth less than his bitcoin holdings.

Dogecoin is one of the most volatile cryptocurrencies. It was started in 2013 as a joke and focus on the internet meme Shiba Inu. The value of the cryptocurrency skyrocketed last year and is still around 2,000% higher than it was a year ago.

Mr. Musk – the richest person in the world, according to the Bloomberg Billionaires Index – is tied to dogecoin. Almost a year ago, he tweeted a fake magazine cover “Dogue” to his millions of followers. He mentioned the coin again on Twitter a few days later, causing its value to increase by 80% on the day, before cutting interest.

Dogecoin made a guest appearance last year on Mr. Musk’s “Saturday Night Live” launch archive. In a satirical segment, Mr. Musk appeared as “The Godfather”. After he explained the value of cryptocurrency using jargon, other members asked him to explain, “What is Dogecoin?” Pushed, Mr. Musk finally said, “Yes, it was a hustle.”

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Ian Walker

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