Tesla Will Accept Dogecoin Payments For Some Products And ‘See How It Goes,’ Says CEO Elon Musk

Tesla Will Accept Dogecoin Payments For Some Products And ‘See How It Goes,’ Says CEO Elon Musk

Share to Linkedin Tesla will allow people to buy some of its branded products using the cryptocurrency dogecoin, billionaire CEO Elon Musk tweeted on Tuesday, a move that comes months after the company briefly experimented with allowing its customers to pay its electric cars with bitcoin. In the announcement, Musk wrote that the company will make "some merch" with the cryptocurrency and "see how it goes." It's unclear which items will be available for purchase via dogecoin as Tesla sells several items on its website including clothing, toys, mugs, novelty items among other things. Following Musk's tweet, dogecoin's value surged by nearly 20% in an hour and 15. 2% overall in the day's trading. In an interview with Time Magazine—after being named its "Person of the Year"—Musk said dogecoin was the best cryptocurrency for transactions as it encourages people to spend instead of hoarding "as a store of value." The billionaire noted that even though it was started as a joke, dogecoin was better suited for handling large volumes of transactions. In comparison, bitcoin was "not a good substitute for transactional currency" as its transaction volume was low and cost per transaction was high, he added. Dogecoin's founder Billy Markus