Tesla is now selling merchandise in exchange for Dogecoin.
Chief executive Elon Musk announced that the company would begin taking cryptocurrency – which began as a joke but has since garnered public support from many advocates – in exchange for a variety of items.
“Tesla Merchant purchasable with Dogecoin,” tweeted Mr. Musk.
It includes a belt buckle and a whistle that surrounds the Texas plant. In the UK, customers can purchase a mug with “S3XY” written on it, a reference to each of its vehicles’ four single-letter names.
The excitement around the announcement meant that the value of Dogecoin increased by 16 percent, and so the price of commodities in dollars rose accordingly.
For example, the belt buckle costs 835 doge. It is near $170 although it is likely to move higher and lower given the volatility in the price of Dogecoin.
Tesla’s support for the cryptocurrency has proved controversial in the past. Last year, Mr. Musk announced he would start selling cars for bitcoin — about 50 days after he shelved the option, amid criticism over the digital currency’s environmental impact.
Dogecoin is cleaner to transact with because of its lower value than bitcoin. Mr Musk has also said that he is working with the developers behind the cryptocurrency to make it more efficient.
But he is yet to commit to allowing buying cars with Dogecoin or bringing back the option to pay in bitcoin. When he announced the Dogecoin option was on its way last month, Mr Musk said the company will “see how it goes”.
Mr. Musk is perhaps the most famous proponent of Dogecoin, which began as a joke to mock the vast number of different cryptocurrencies and then went on to become one of the most popular coins on the market. He describes it as a “people’s crypto” and is committed to working with SpaceX to “put a literal Dogecoin on the moon.”
Credit: www.independent.co.uk /