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January 14, 2022 02:14 pm GMT

Musk says Tesla to accept dogecoin for merchandise

Representation of cryptocurrency Dogecoin is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

Tesla Inc (TSLA.O) will accept the meme-based cryptocurrency dogecoin as payment for its products such as the "Giga Texas" belt buckle and mini electric vehicle models, CEO Elon Musk said on Friday in a tweet.

The move which sent dogecoin prices up 14% higher, comes a month after Musk said Tesla would test the digital token as a payment option. Musk, a voucal of cryptocurrencies has heavily influenced dogecoin and bitcoin prices, and at one point said the company would accept bitcoin for the purchase of its cars before scrapping the plans.

Tesla's products, which also include the recently launched "Cyberwhistle" and "Cyberquad for Kids," are a hit with its fans and typically sell out within hours of listing.

"Some have noticed that goods for doge are depleting even faster than for dollars. This news is a good example of the continued penetration of cryptocurrencies into corporate culture," said Alex Kuptsikevich, senior financial analyst at FxPro.

Musk on dogecoin's tweets, including one where he called it the "people's crypto," turned the once obscure digital currency that started as a social media joke into a speculator's dream. The price of the token has increased by around 4,000% in 2021.

Tesla revealed last year that it purchased $1.5 billion worth of bitcoin, and Musk also claimed to own bitcoin and dogecoin.

Tesla faces intense competition as legacy automakers like Ford Motor Co (FN) and startups such as Rivian Automotive (RIVN.O) are set to launch their electric car this year. Tesla's long-awaited Cybertruck will begin production in the first quarter of 2023, pushing its plan to start production to late 2022, Reuters reported.

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