Tesla CEO Elon Musk has revealed his intention to start accepting Dogecoin (DOGE) as an official means of payment for Tesla cars at some point. This announcement provoked a positive reaction from investors, registering a 9.3% increase in the token’s value, from 0.172 to 0.188.
Using Dogecoin to buy Teslas
Elon Musk has said that customers could use Dogecoin to buy Teslas at some point. The announcement was made during a public visit to Tesla’s Gigafactory in Germany, where a visitor asked if Tesla’s cars could be purchased with Dogecoin. Musk responded positively to the request: “At some point, I think we’ll have to enable that.
Investors’ reaction
News of Dogecoin’s acceptance to buy Teslas led to a positive reaction from investors, registering an 8.4% increase in the token’s value to 0.1876. This increase also had an impact on other Elon Musk-related tokens, such as Grok and Optimus AI, which rose by 0.5% and 2.4% respectively.
Dogecoin, the public’s favorite crypto-currency
Elon Musk said he wanted to back a crypto-currency that is preferred by the public, rather than the wealthy. He has also stated that Dogecoin is the “people’s crypto-currency”. Musk began endorsing Dogecoin after several Tesla Gigafactory and SpaceX employees approached him about supporting it as an official payment method.
Tesla and Dogecoin since 2021
Tesla began accepting Dogecoin for its merchandise in January 2022. At the time, the company clarified that it only supported payments in Dogecoin and that it would not return any other “non-Dogecoin digital assets” sent to Tesla.
Outlook for the future
Elon Musk has also stated that Dogecoin could become a payment method for Tesla cars at some point. However, it’s not yet clear whether customers will be able to buy Tesla cars with Dogecoin instead of traditional payment.
