Compare Listings

Elon Musk announced Tesla will accept Dogecoin as a payment method for merchandise

Elon Musk announced Tesla will accept Dogecoin as a payment method for merchandise

Dubai (UAE) Musk, in addition to dogecoin, has been an outspoken advocate of Bitcoin. Elon Musk, the founder and Chief executive of Tesla, announced on Tuesday that the automobile manufacturer will accept dogecoin payments for merchandise.

Musk said in a tweet that Tesla will be able to purchase stuff using Dogecoin and how things go.  Dogecoin’s value increased by 33% shortly after. Musk has long been a supporter of meme-based cryptocurrencies and has seen price swings in response to his tweets. He recently Told Magazine, “Although it was created as a foolish joke, Dogecoin is superior for transactions.”

Musk was a major supporter of Bitcoin, in contrast to Dogecoin. Bitcoin soared 16 percent to a new high of $ 44,795.20 in February 2021. After documents filed with the Securities and Exchange Commission revealed that Tesla had invested $ 1.5 billion in the cryptocurrency.

“We can engage some of that availability in alternative currency reserves, such as digital assets, gold bars, exchange-traded funds. However, other assets as defined in the future,” according to the document.


After Musk stated that customers may use Bitcoin to buy a Tesla, Bitcoin climbed 5% in March 2021. In a tweet, he stated, “Now you can buy a Tesla using Bitcoin.” Tesla employs exclusively internal and open source software and runs its Bitcoin nodes. “Bitcoins sent to Tesla will not be converted to fiat money,” he confirmed in a subsequent tweet.

Musk swiftly backtracked on his May 2021 statement, blaming Bitcoin’s “crazy” energy consumption as the primary reason for the suspension of the Bitcoin payment service.

The purchase of Tesla automobiles with Bitcoin has been halted. We are concerned about the growing usage of fossil fuels for Bitcoin mining and transactions, particularly coal, which emits the most pollutants of any fuel, he wrote in a Twitter post.

Also Read: Invest your Bitcoin in Emaar Beachfront Apartments without any hassle

In so many ways, crypto is a brilliant idea, and we think it has a strong future, but it cannot be done at the expense of the public, according to the post.

According to new filings, Musk unloaded roughly $ 906 million worth of Tesla stock on Monday. Since the beginning of November, overall sales have increased to a little around $ 13 billion. On Monday, Tesla’s shares dropped roughly 5% due to technical losses and market fears about the Omicron form of Covid-19.

Like Musk, the founder polled his Twitter followers on how they felt about his choice to sell stock. Because there has been a lot of chatter recently about how unrealized gains can be used to avoid paying taxes. I’m willing to sell 10% of my Tesla stock. Do you agree with this? He posed the question in a survey. Tesla’s stock has gained 36% so far this year but has lost 15% in December.

Related posts

How Six Senses Residences are Perfect According to Conveniences?

Six Senses Residences at The Palm is a new brand in the world of thrilling adventures. Six Senses...

Continue reading
by admin

How to use Blockchain to Invest in Real Estate with Cryptocurrency

Property investment has always been a difficult industry for individuals with limited funds, but...

Continue reading
by admin

The Destiny of Cryptocurrency Will Be Explored at Dubai’s Museum of the Future

Changpeng Zhao, the founder of Binance, will be the first speaker at the museum's 'Future Talks...

Continue reading
by admin

Join The Discussion