Elon Musk confirms Tesla will accept Dogecoin as payment for merch
Tesla CEO and billionaire Elon Musk announced via Twitter that the car manufacturer would start accepting Dogecoin as payment for some merchandise.
Following the comments, the digital coin surged in value by 20 per cent to $0.22 before falling back to $0.19, according to data by Coindesk.
It has been a busy week for Musk, who was also this week crowned TIME Magazine’s 2021 Person of the Year. In the magazine profile, Musk argued that Dogecoin is better suited for transactions than Bitcoin. “The transaction volume of [Bitcoin] is low and the cost per transaction is high,” Musk said. “Fundamentally, Bitcoin is not a good substitute for transactional currency.
“The total transaction flow you can do with Dogecoin, like transactions per day, has a much higher potential than Bitcoin,” Musk added.
In May this year, Musk asked his Twitter following if Tesla should start accepting dogecoin, to which over 77 per cent of followers responded with ‘Yes’. Earlier that month Musk also said (presumedly ironically) that Doge could be the future of cryptocurrencies.
