Sunday, January 16, 2022

Tesla starts selling things for Dogecoin

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Tesla is now selling goods in exchange for Dogecoin.

Chief Executive Elon Musk announced that the company would begin taking the cryptocurrency — which began as a hoax but has since garnered public support from a number of proponents — in exchange for a variety of items.

“Tesla merch purchasable with Dogecoin,” Mr Musk tweeted.

These include a belt buckle themed around the Texas plant and a whistle. In the UK, customers can buy a mug that says “S3XY,” a nod to the four-letter names of each vehicle.

The excitement surrounding the announcement caused Dogecoin’s value to skyrocket by 16 percent, and so the dollar price of the items rose accordingly.

For example, the belt buckle costs 835 Dogen. That’s around $170, although given Dogecoin’s price volatility, that’s likely to rise and fall.

Tesla’s support for cryptocurrencies has proven controversial in the past. Last year, Mr Musk announced he would start selling cars for Bitcoin – some 50 days later deferring the option amid criticism of the digital currency’s environmental impact.

Dogecoin is cleaner to transact with, partly because of its lower value compared to bitcoin. Mr Musk has also said he is working with the developers behind the cryptocurrency to make it more efficient.

But he still has to commit to allowing cars to be bought with Dogecoin or bringing back the option to pay with Bitcoin. After announcing last month that the Dogecoin option was on the way, Mr Musk said the company would “see how it goes.”

Mr Musk is perhaps the most famous proponent of Dogecoin, which started as a joke to mock the large number of different cryptocurrencies and then became one of the most popular coins in the market. He has described it as “the people’s crypto” and pledged to work with SpaceX to “bring a literal Dogecoin to the literal moon”.

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