Tesla will Accept Dogecoin as Payments for Branded Products, Elon Musk Says

Crypto enthusiast and tech billionaire Elon Musk revealed on Tuesday, that his electric manufacturing company will start to accept Dogecoin (DOGE)  as payment for its merchandise.

Musk has been an ardent supporter of the popular memecoin which was created as a joke earlier in 2013. While the billionaire did not state which of Tesla’s many products will be purchased with the cryptocurrency, the price of DOGE jumped more than 24% minutes after the announcement. 

“Tesla will make some merch buyable with Doge & see how it goes,” Musk said in a tweet.

Shortly after, the tweet gathered over a million responses from fans, and close to 80% supported the idea in a poll. 

Recall that in May, Elon Musk asked his Twitter followers if Tesla should accept Dogecoin as payment for its commodities in which the astounding response was a big YES. 

That same month, the DOGE father, as he is popularly called, jokingly said that Dogecoin could become the leading cryptocurrency in years to come. 

Dogecoin Finds Favor

While DOGE was created as a joke, the memecoin has managed to find favor in the eyes of many corporations, which has led to increased adoption. 

Earlier this year, Space Exploration Technologies Corp (SpaceX), announced that it intends to take Dogecoin to the moon through a project tagged “DOGE-1” in 2022, Coinfomania reported.

The firm is owned by Elon Musk and was founded in 2002 with the aim to make space transportation more affordable while focusing on aerospace manufacturers and space shipment companies. 

Although there was no mention of how much Dogecoin was invested in the project, the Geometric Energy Corporation (GCE) said that it will be the first edition of Lunar payload and the payments will strictly be with DOGE. 

DOGE-1 “will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce,” said Tom Ochinero, the vice president of SpaceX commercial sales. 

He continued, “We’re excited to launch DOGE-1 to the Moon!.”

In another report, AMC Entertainment announced that the company now accepts cryptocurrencies such as BTC, Ether, LTC, and BCH, as payment options with plans to add DOGE to the list. 

Person of the Year

Meanwhile, Musk was made the “Person of the Year” in an interview with Time Magazine after he compared Dogecoin with other cryptocurrencies and declared that it’s better for transactions.

“Bitcoin is not a good substitute for transactional currency,” he said.