After accepting (and then withdrawing) payment in Bitcoin, now Tesla accepts transactions with Dogecoin. But unlike Bitcoin, which was used to buy cars, the other cryptocurrency is only offered for certain products.
Payment in Dogecoin arrives at Tesla
“Tesla derivatives can be purchased in Dogecoin”, tweeted today Elon Musk, without specifying which range would be concerned. Enough to revive this cryptocurrency created as a parody in 2013. Dogecoin has taken nearly 11% today, and its market theoretically represents more than 26 billion dollars, making it the 11th largest cryptocurrency.
Tesla merch buyable with Dogecoin
— Elon Musk (@elonmusk) January 14, 2022
Elon Musk regularly shares his opinion on cryptocurrencies on Twitter, which in 2021 created marked price movements in this ultra-volatile market. He had thus announced that Tesla had invested part of its cash in Bitcoins, and that its electric vehicles would be available for purchase with this cryptocurrency, before canceling this measure, saying that he was worried about their ecological impact.
When he was named Time Magazine’s Person of the Year in December 2021, Elon Musk said Bitcoin was a good way to store value, but Dogecoin, “even though it was created as a joke, is a better means of exchange”.
Despite Dogecoin gaining today after Tesla’s announcement, the cryptocurrency market is somewhat shaken as 2022 begins. It is currently worth just over $2.1 trillion, compared to over $3 trillion at its peak in November.