Tesla starts accepting once-joke cryptocurrency Dogecoin

Image source, Reuters

Tesla, the billionaire Elon Musk’s electric carmaker, is now allowing people to use Dogecoin to purchase brand merchandise. Dogecoin was initially created to be a joke.

Musk Twitter announced the newsOn Friday, one month later after the hint of plans.

Dogecoin’s value soared by more than 12 percent after the news.

Musk has frequently used comments to move the prices for digital currencies like Bitcoin and Dogecoin.

Dogecoin’s prices were 14% higher as the move came a month after Musk stated that he would try out the digital token for payment.

External sites are not under the control of BBC.See original Tweet on Twitter

Dogecoin began in 2013 to mock the crypto craze. However, it was never known.

However, its value rose by 4,000% in the last year due to Mr Musk’s promotion.

Investor in the token, he called it “people’s crypto”, and stated that SpaceX would accept the payment.

He called it “a hustle” after being asked to describe it during an appearance on Saturday Night Live’s humour program Saturday Night Live.

This is not the first digital coin that has attracted the attention of the billionaire.

Bitcoin’s prices rose last year after Tesla claimed it had invested in it and that customers would be able to purchase cars using it. The company later scrapped the plan.

Musk also includes Bitcoin in his crypto investments. He expressed concern about the energy required to create it.

Dogecoin, the digital currency that Tesla currently accepts is called Dogecoin.

Items eligible for purchase include Tesla-branded belt buckles (835 Doge or about $162; £118) and children’s all-terrain vehicles (12020 Doge or about $2,280; £1,670), which are currently sold out.

According to the company’s website, purchases cannot be refunded.

Source: BBC.com

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