In Brief:
- Elon Musk officially announced dogecoin payment option for Tesla’s merchandise.
- The announcement boosted dogecoin to $0.215, the highest in the last 30 days.
- Buyers can purchase Cyberwhistle, Giga Texas Belt Buckle, and Cyberquad merchandise from the website.
Elon Musk, CEO of Tesla and SpaceX has officially announced in a tweet that now the company will accept dogecoin payment for Tesla’s merchandise. Dogecoin showed upward momentum after the tweet was posted and hiked to nearly 20% with $0.215. This height is the highest in the last 30-days.
After the announcement, Tesla’s official website is reflecting the dogecoin payment option for merchandise such as the Cyberwhistle, Giga Texas Belt Buckle, and Cyberquad for Kids.
Currently, Dogecoin is the 11th largest cryptocurrency in the world with a total $25.2 billion market cap.
The move follows Musk’s earlier announcement, in which he indicated that the company can test dogecoin for merchandise. Musk opted for dogecoin after canceling Bitcoin by stating energy concerns.
Bitcoin blockchain runs on a proof-of-work mechanism and bitcoin mining requires a lot more energy than dogecoin. In the interview with the magazine, Musk said “Fundamentally, Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions.”
Last year, Elon Musk’s other tech company, SpaceX announced the launch of the Doge-1 moon mission which was entirely paid in dogecoin.
