Tesla started accepting Dogecoin payments for its selected merchandise. Elon Musk stated on Friday that SpaceX too will be accepting Dogecoin payments for merchandise purchases. However, it was stated that the option will be available “soon”, but not yet available for customers.
Musk is known to be a huge supporter of Cryptocurrencies. Tesla’s payment options are to accept Bitcoin and later halt it. It is all well known, especially as Tesla is known to still own a certain amount of Bitcoin. This year, Musk’s companies seem to bring Dogecoin payments into the limelight. When Tesla opened the option, the merchandise that could be bought with Dogecoin was sold within hours.
Tesla merch can be bought with Doge, soon SpaceX merch too
Neither is the option available now, nor the date is known when it will be available. As of Saturday morning, it is seen that the space company is accepting only credit cards for its merch. Shop items are listed in dollars, knowing the exact price in Dogecoin is also not quite possible.
In addition to the announcement, Musk also stated that maybe one day Starlink subscribers would be able to pay through Dogecoins. Currently, Starlink satellite owners have to pay a monthly payment for the services. It seems that this will take a lot more time than changing the payment option for merchandise.
After the announcement, Doge shot up nearly five percent and is currently trading at $0.081 per coin, and has struggled for several months after reaching peak levels of $0.74 as Elon Musk made his appearance on Saturday Night Live last year. When Tesla began accepting Doge in January, the crypto also boosted in price considerably before leveling out once again.
Tesla has dabbled with accepting other cryptocurrencies in the past, including Bitcoin. However, Tesla stopped accepting Bitcoin just a few months after it announced it would allow customers to purchase products with the crypto, citing environmental concerns. “We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said in a Tweet in May 2021. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”
There are various talks about Musk’s companies accepting cryptocurrencies. It still remains a question of whether Tesla will accept Bitcoin payments. If yes, how many years will it take? Because by 2021 October it was known that every Bitcoin transaction took around $100 in electricity. It continues to be the result of large amounts of carbon footprints.