Elon Musk Gives Dogecoin a Boost As Tesla Starts Accepting the Cryptocurrency for Payment

Tesla said Elon Musk company

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It accepts payment for some goods using dogecoin, which is a reprieve of the electric car maker for accepting cryptocurrency for some payments.

Tesla CEO said In an early tweet on Friday, “Tesla merchandise is purchasable with Dogecoin.” The company’s website showed some items, including one titled “Giga Texas Belt Buckle” with the price of the cryptocurrency. It is not possible to pay for Tesla vehicles with dogecoin.

Dogecoin surged more than 10% early Friday after Mr Musk’s tweet, before paring those gains.

Mr. Musk has a record of commenting on cryptocurrencies. Dogecoin’s value jumped late last year when Mr. Musk indicated that Tesla would make some merchandise available for purchase using a payment model.

This year, billionaire CEO Elon Musk has made several breakthroughs across Tesla, SpaceX and Starlink. Wall Street Journal reporters Rebecca Elliott and Micah Maidenberg detailed some of his biggest moments in 2021 and what will happen in 2022. Illustration: Tom Grillo

Tesla last year bought $1.5 billion worth of bitcoin. Mr. Musk also said at the time that the company would begin accepting payments in cryptocurrency. It later suspended those purchases after Mr. Musk expressed concerns about high levels of fossil fuel use for bitcoin mining.

Mr. Musk said last year that he and his rocket company, Space Exploration Technologies Corp, or SpaceX, own bitcoin. The billionaire CEO said he also owns Ethereum, dogecoin, and other cryptocurrencies, although these holdings are worth less than his bitcoin stake.

Dogecoin has been one of the most volatile cryptocurrencies. It started in 2013 as a joke and is centered around the Shiba Inu internet meme. The value of the cryptocurrency soared last year and remains nearly 2,000% higher than last year.

Mr. Musk – the world’s richest person, according to the Bloomberg Billionaires Index – is closely related to the Dogecoin. Almost a year ago, he tweeted a fake “Dogue” magazine cover to his millions of followers. He mentioned the coin again on Twitter a few days later, sending its value up 80% on the day, before paring the gains.

Dogecoin appeared last year on Mr. Musk’s “Saturday Night Live” show for the first time. In a satirical clip, Mr. Musk appeared in the role of “The Godfather”. After he explained the advantages of cryptocurrency using terminology, other members of the cast asked him to explain, “What is Dogecoin?” After being pressed, Mr. Musk eventually said, “Yes, it’s a hustle.”

write to Robert Wall at robert.wall@wsj.com

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