Elon Musk Says Tesla Will Accept Doge as Payment

Elon Musk, chief of Tesla and SpaceX, said on Tuesday that his electric carmaker company would accept Dogecoin as a merchandise payment method.

“Tesla will make some merch buyable with Doge & see how it goes,” Musk said in his tweet. Following the announcement,  the meme coin surged by 24%, racing up to $0.20 after, according to Reuters.

Elon Musk on Dogecoin

Elon Musk is famous for his strong advocacy of cryptocurrencies, Doge, in particular, calling it his favorite coin. The meme-inspired virtual currency hit a record-high price surpassing $0.74 in May but saw a severe crash later.

As a consistent cryptocurrency supporter, Musk has previously logrolled Dogecoin and did so in his most recent interview to Time magazine, which announced the billionaire as the person of the year 2021. “Fundamentally, bitcoin is not a good substitute for transactional currency,” he said. Musk compared Doge to bitcoin for transactions, saying: “Even though it was created as a silly joke, Dogecoin is better suited for transactions.”

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“The transaction volume of Bitcoin is low, and the cost per transaction is high,” he continued to say. Doge is a cryptocurrency that encourages those who invest in it, according to Elon Musk, who has more than 66 million followers on Twitter.

Back in May, Musk asked his followers in a poll on his account if they wanted Tesla to accept Doge as a payment method. A vast majority of the voters, over 78%, delivered their opinion positively. Musk, however, called the aforementioned currency a “hustle” during a TV show “Saturday Night Live” causing a loss of one-third in its price.