Elon Musk Says Tesla , Will Accept Dogecoin as Payment.
Elon Musk Says Tesla , Will Accept Dogecoin as Payment.
On Dec.
14, Musk took to Twitter to announce that the electric carmaker will accept the cryptocurrency on a test basis.
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Reuters reports that Dogecoin rose 24% to $0.20 after Musk's tweet.
Coinbase reports that the Tesla CEO's tweets about the meme-based cryptocurrency have helped it climb 5,859% over the past year.
It's not yet known what merchandise consumers will be able to purchase with Dogecoin.
Previously, Tesla announced it would accept bitcoin for car purchases, but stopped doing so less than two months later.
Musk was recently named 'Time' magazine's "Person of the Year.".
He also took that opportunity to weigh in on different cryptos.
Bitcoin is not a good substitute for transactional currency.
Even though it was created as a silly joke, Dogecoin is better suited for transactions.
, Elon Musk, to 'Time'.
The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin, Elon Musk, to 'Time'
