Tesla will start to let people buy some of its merchandise with dogecoin, Elon Musk said Tuesday.
Musk tweeted: “Tesla will some merch buyable with Doge & see how it goes.”
Dogecoin’s price shot up on Musk’s announcement, as much as 30%. It was last up 26% at $0.2092.
Musk has been a long-running supporter of dogecoin, a Japanese Shiba Inu dog-themed cryptocurrency that was started as a joke in 2013, but gained legitimacy among crypto investors soon enough.
Musk and Tesla have been key proponents of cryptocurrency boom in 2021, with his tweets seemingly holding sway over a new generation of investors.
Tesla bought $1.5 billion bitcoin in January, and then in March, announced it would start accepting the cryptocurrency for its in-demand cars. Musk then reneged on the idea, due to the supposed energy and computing needs of the cryptocurrency.
The focus was then shifted to dogecoin,
Musk recently offloaded a lot of Tesla stock and also expressed an interest ‘to quit and become an influencer’, although how much of that is true remains to be seen.
Now the world’s wealthiest man, he was recently chosen by Time Magazine as its ’Person of the Year’ for 2021.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius