Tesla To Accept Cryptocurrency ‘Dogecoin’ As A Form Of Payment

Electric vehicle maker Tesla says it will accept payment in Dogecoin for some merchandise, briefly driving the price of the cryptocurrency up by more than 30%.

In a series of Tweets, Tesla chief executive officer (CEO) Elon Musk said that some of the automaker’s “merch” can now be purchased with Dogecoin, with products including the $150 U.S. Giga Texas belt buckle featuring the carmaker’s logo.

“See how it goes,” Musk Tweeted.

Dogecoin rose to a high of $0.20 U.S. after the Tweet, then declined to $0.18 U.S. after the initial move higher.

Musk has been a vocal supporter of Dogecoin, a joke cryptocurrency featuring a picture of a Shiba Inu dog. Musk’s tweets have contributed to Dogecoin’s rising price at various times throughout this year.

News that Tesla will accept Dogecoin for the purchase of some merchandise comes as Musk sold another 934,091 shares of Tesla stock worth $906.49 million U.S. to help pay a hefty $15 billion tax bill he faces, and as Time magazine has named Musk the 2021 “Person of the Year.”