Tesla to accept Dogecoin for merchandise

Tesla will now accept the cryptocurrency dogecoin as payment for Tesla merchandise, Elon Musk announced on Tuesday.

“Tesla will make some merch buyable with Doge & see how it goes,” tweeted Musk.

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

— Elon Musk (@elonmusk) December 14, 2021

Musk did not specify what merchandise can be bought with dogecoin. However, Tesla sells apparel, ‘Giga Texas’ belt buckles, and miniature models of its vehicles.

After the announcement, Dogecoin’s value increased to $0.20, an increase of more than 20 percent. In the last year, Dogecoin has increased by 5,859 percent. But the value of the cryptocurrency fell in May after Musk called it a “hustle” on Saturday Night Live.

Dogecoin, themed after a Japanese Shina Inu dog, started as a joke in 2013 and has been supported by the Tesla CEO. In May, Musk polled his Twitter followers whether Tesla should accept Dogecoin as payment. The majority responded “Yes.”

On Monday, Musk was named Time magazine’s 2021 “Person of the Year.”

"Person of the Year is a marker of influence, and few individuals have had more influence than Musk on life on Earth, and potentially life off Earth too," said Time magazine’s editor-in-chief Edward Felsenthal. "In 2021, Musk emerged not just as the world's richest person but also as perhaps the richest example of a massive shift in our society."