Tesla will accept dogecoin as payment for merchandise, says Musk, Auto News, ET Auto

After vouching for Bitcoin, Tesla CEO Elon Musk now supports the cryptocurrency Dogecoin, even calling it “Dogefather”.

Tesla CEO Elon Musk said Friday that the electric car maker will accept meme-based digital currency dogecoins for merchandise.

“Tesla merch purchasable with Dogecoin,” Musk said in a tweet. Following the news, Dogecoin shot up to $0.20.

Tesla sells apparel, “Giga Texas” belt buckles, and mini models of its vehicles as well as original limited-edition items such as the “Cyberwhistle,” modeled after its highly anticipated Cybertruck. After vouching for Bitcoin , Tesla CEO Elon Musk now supports the Dogecoin cryptocurrency, even calling it “Dogefather”.

Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who set out to create a payment system. Nearly 113 billion coins have already been mined.

Additionally, Musk confirmed earlier that the company will “most likely” resume Bitcoin payment after due diligence on improvements to the energy mix used to mine the cryptocurrency.

“I wanted a bit more due diligence to confirm that the percentage of renewable energy use is most likely at or above 50%, and that there is a trend to increase that number, and if that’s the case, Tesla would start accepting bitcoin again,” Musk mentioned.

“The answer is most likely that Tesla would start accepting bitcoin again,” he added.

Musk also confirmed that he has a large personal investment in bitcoin in addition to Tesla’s investment and that he has smaller holdings in Ethereum and Dogecoin.

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The Cybertruck was originally announced in 2019. In August 2021, production of the Cybertruck was moved to 2022 as the electric vehicle company decided to focus on producing its Model Y.

Although the government lured him with various schemes and promises and repeated “come build/assemble your cars here” calls from senior ministers, Musk is “still working on many challenges with the government.”

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