In a surprising turn of events, you can now buy Tesla items with Dogecoin. Tesla’s website has been updated to reflect this change, and there are a few items listed that now only accept meme-like cryptocurrency as payment. That’s right – goods sold for Dogecoin can no longer be purchased in US dollars and require the customer to have cryptocurrency in order to make a purchase.
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Only a few items are sold for doge (Dogecoin,) including Cyberquad for Kids, Cyberwhistle, and Giga Texas Belt Buckle. These items range from 300 doge ($58) for the CyberWhistle (shown below in a screenshot taken at 11:50 a.m. January 14, 2022) to 1,2020 doge ($2,320) for the Cyberquad.
Although the Cyberquad is sold and the only way to get it is through a seller on eBay, this small change in the Tesla merch store was enough to make the price of Dogecoin soar. According to CoinDesk, the value of the cryptocurrency has increased by 15.26% in the past 24 hours (around 11:30 AM January 13-14, 2022).
While cryptocurrencies are known to be volatile, and Dogecoin is one of the most unpredictable, it’s hard not to assume that the change in value is largely due to Tesla’s goods. It’s not so much about the number of items for sale as it is about recognizing Dogecoin as a valid currency. But how long will it take until Tesla stops accepting Dogecoin as payment?
Will Dogecoin Last Longer Than Bitcoin in Tesla Store?
The current good tides for Dogecoin started with Elon Musk’s Simple Tweet, declaring that it is now valid currency inside the Tesla merchandise store. That, in and of itself, isn’t unusual — Elon Musk’s Twitter activity tends to impact the crypto market in the most ridiculous ways, like the time Musk tweeted a meme about Bitcoin, causing the currency to suffer a market crash shortly after.
The surprising fact is that Tesla is back to accepting cryptocurrency as a payment method at all. The company had already had a short time accepting Bitcoin as payment for Tesla cars in February 2021. However, it was short-lived due to the carbon footprint left by Bitcoin mining. As did Musk himself advertiser At the time, the environmental impact of BTC (Bitcoin) was too huge to ignore. From that moment on, the Tesla store did not accept any cryptocurrency as a method of payment.
Tesla’s recognition of Dogecoin certainly means a lot to coin enthusiasts, validating their belief in its great future. The only question is: How long will Elon Musk continue to accept cryptocurrencies as payment this time around? While Dogecoin is mined on a much smaller scale than Bitcoin, it still has the same negative environmental impact – only to a lesser extent. While Dogecoin fans rejoice, the amount of backlash Tesla will receive for this option is still unknown.