This cryptocurrency that was once a joke can now be used to buy Tesla products

Tesla CEO Elon Musk is a known supporter of cryptocurrencies especially the meme coin, Dogecoin. Now he has announced that Tesla will start accepting Dogecoin as currency for some merchandise on a test basis.

Musk via Twitter stated, “Tesla will make some merch buyable with Doge & see how it goes.” Just after the tweet, Dogecoin saw a surge of 24 percent to $0.195 (approximately Rs 14.87).

Tesla will make some merch buyable with Doge & see how it goes

— Elon Musk (@elonmusk) December 14, 2021

While Musk has not stated which merchandise will be sold for Dogecoin, we expect the company to open sales for apparel, belt buckle, mini models, Cyberwhistle and more.

To recall, Musk back in May created a poll on Twitter asking his followers if they want Tesla to accept Dogecoin as a currency for purchasing its electric vehicles. Apart from this, he had also announced that Tesla will accept Bitcoin for vehicle purchases but had pulled back the decision after being criticized by people stating that the virtual currency isn’t good for the environment. He later commented that Tesla might restart accepting Bitcoin as a mode of payment when the cryptocurrency is greener.

Now, with Doge, Musk seems to be again willing to experiment with the idea of accepting a cryptocurrency as a payment. However, to not get too much slack for the decision, he is looking to first start accepting the meme coin for merchandise as an experiment. If the experiment is successful and the company does not face major backlash, they might extend it as an acceptable mode of payment for its vehicles.

Unlike Bitcoin, Etherium, Shiba Inu and more, Dogecoin is not limited by a cap of coins, which means there is an infinite supply. This makes it impossible to be accepted as a valid mode of payment. However, Musk is working alongside the creators to help in making the cryptocurrency as a viable option.

The post This cryptocurrency that was once a joke can now be used to buy Tesla products appeared first on BGR India.