Tesla now accepts Dogecoin as payment for merchandise

14 Jan 2022

The CEO of Tesla Elon Musk has announced the electric vehicle manufacturer now accepts Dogecoin as a means of payment for merchandise.

DOGE-eligible goods within the Tesla store can be purchased by sending DOGE to the company’s Dogecoin wallet, reports Cointelegraph.

Musk stated that other crypto will not be accepted, saying it can only detect DOGE on its website. The site states that: “Tesla only accepts Dogecoin. Tesla cannot receive or detect any other digital assets. Ensure you are making your purchase with Dogecoin. Sending any other digital assets may result in the assets being lost or destroyed. Non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser. All eligible Tesla products will be clearly priced in Dogecoin. This price will include any applicable taxes.”

In addition, merchandise purchased with DOGE “cannot be returned, exchanged or cancelled.”

The creator of Dogecoin, Billy Markus replied to Elon Musk’s announcement immediately, commenting on Twitter: “Alright Dogecoin community, you know what to do.”

Last month, Tesla announced they would soon start to accept DOGE for items in the Tesla store. This resulted in a 25% price hike for the so-called meme cryptocurrency at the time. Furthermore, mere hours after introducing the DOGE payment means, the crypto’s price registered an 18.63% gain.

In December, Musk spoke out about DOGE, making comparisons to Bitcoin – the world’s largest cryptocurrency by market cap. The Tesla boss stated that “even though it was created as a silly joke, Dogecoin is better suited for transactions.” He added that DOGE is somewhat inflationary, which encourages spending rather than people using it as a store of value.

Moreover, Tesla may not be alone in accepting cryptocurrency payments in 2022. A recent poll carried out by Visa showed that small and medium-sized businesses are planning to introduce cryptocurrency payments this year.