Published , by Asif Khan
Published , by Asif Khan
Tesla's CEO Elon Musk says a lot of things on Twitter, and some of the promises he makes take a long time to come to fruition, but tonight the world's largest electric vehicle company has taken a massive step forward. Tesla's online merchandise store now accepts Dogecoin. Much Wow!
Tesla's CEO has a well-documented history of tweeting a lot, and last May he asked his millions of followers if they wanted the company to accept Dogecoin. With nearly 4 million votes cast, over 78% of participants voted yes. Less than a year later, Musk appears to be making good on this promise to his most rabid crypto bro followers.
Musk abided by another Twitter poll's results in late 2021 when he asked his followers if he should sell 10% of his Tesla stock holdings, so today's revelation that Tesla is accepting Dogecoin shouldn't come as too much of a surprise. It's important to note that not every product on Tesla's website can be purchased with Dogecoin yet, including their vehicles.
One interesting thing about how Tesla is implementing their acceptance of Dogecoin is that items are priced in DOGE. If Dogecoin's price drops, purchasers of these items will be getting a discount in terms of the US dollar equivalent required to complete the transaction. This likely explains why not everything on the website is priced in DOGE, but tonight is certainly a start.
With Dogecoin down nearly 80% from its all-time highs earlier this week, this news is being received well by holders of the original meme coin. Dogecoin (DOGE) is up nearly 10% on this news, which I guess means all of these Tesla products now cost more in terms of dollars.
Tonight's news of Tesla accepting Dogecoin will be viewed as a great success for cryptocurrency enthusiasts, but it remains to be seen just how many DOGE holders will jump at the opportunity to use their coins as a medium of exchange. Tesla's foray into Bitcoin payments was largely underwhelming, but perhaps focusing on merch instead of cars that cost up to six figures will lead to better results.
What do you make of this news that Tesla is officially accepting Dogecoin? Let us know in the Shacknews Chatty comments thread below.