Tesla’s CEO, Elon Musk, has revealed that consumers can now use Dogecoin to purchase certain things. The Cyberquad for Kids (12,020 doge / roughly $2,320), the Giga Texas Belt Buckle (835 doge / around $161), and the Cyberwhistle (300 doge / around $58) are among the items that may be purchased with the meme-based money. Dogecoin went up 16 percent to roughly $0.20 following the revelation, according to Business Insider.
Musk first announced the project on Twitter on December 14th, saying the company would “see how it goes” with the bitcoin payment option. It’s unknown whether or when Tesla would accept Dogecoin as a form of payment for its vehicles. Musk has previously stated that Dogecoin is his favorite cryptocurrency.
The project looks to be gaining traction outside of the United States, with the S3XY Mug available for 150 doge (about $29) at the UK Tesla store using Dogecoin. Dogecoin looks to be the only way to buy certain things as of this writing, as their standard payment symbols have vanished.
Support for Dogecoin purchases comes just months after Tesla began accepting Bitcoin for car purchases, only to stop 49 days later because to worries over the usage of fossil fuels in Bitcoin mining. “Cryptocurrency is a brilliant idea on many levels, and we believe it has a potential future,” Elon Musk said in a statement. “However, this cannot come at the expense of the environment.”
According to TRG Datacenters’ analysis, Dogecoin does not presently consume anywhere near the same amount of energy each transaction as Bitcoin. However, as digital currency expert Alex de Vries highlighted in May, Dogecoin is still an energy-intensive proof-of-work cryptocurrency. Because it is now a less valuable asset than Bitcoin, it uses less energy per transaction.
In May, Musk stated that he was collaborating with Dogecoin developers to “increase system transaction efficiency.” He’s been outspoken about his support for the cryptocurrency, which began as a joke inspired by the Doge meme. In October, Musk told CNBC that “a lot of individuals I talked to on the assembly lines at Tesla or building rockets at SpaceX own Doge.” “They aren’t financial professionals or techies from Silicon Valley.” That’s why I chose to back Doge since it seemed like the people’s cryptocurrency.”
SpaceX, another of Elon Musk’s companies, began accepting Dogecoin payments in May and promises to launch a DOGE-1 satellite to the Moon next year.