We have all heard of Elon Musk and Tesla. So when Elon posts anything people rush to what he says. in the crypto world this can mean mass pump and dumps, and some may say these posts are for capital gain for Musk.
Tesla CEO Elon Musk has announced that the company will now accept Dogecoin (DOGE) as payment for its products. Dogecoin can be sent to Tesla’s Dogecoin wallet to purchase DOGE-eligible products in the Tesla store.
While the firm now accepts DOGE, it has also clarified that it does not accept any other cryptocurrency. According to its website, the company cannot accept any other assets than DOGE. The business informed customers that “non-Dogecoin digital assets sent to Tesla will not be returned to them.”
In addition, Tesla does not accept returns, exchanges, or cancellations on DOGE purchases. It considers all sales made through DOGE as final and cannot be exchanged for cash.
Dogecoin creator Billy Markus instantly replied to the announcement, rallying the Dogecoin community. “Alright Dogecoin community, you know what to do,” Markus tweeted.
The community was quick to respond. Some tweeted that they already purchased items using DOGE. Only minutes after the announcement, Twitter user Komaandy Dogecoin already posted a screenshot of their order online, saying, “Tesla Tequila on the way to Germany!”
A month ago, Tesla confirmed that it was going to start accepting DOGE for merch purchases. The announcement resulted in a 25% price increase for the memecoin at the time. On Friday, just a few hours after implementing DOGE payments, the asset’s price saw an 18.63% gain.
Back in December, Musk expressed his thoughts about DOGE, comparing it to Bitcoin (BTC). According to him, “even though it was created as a silly joke, Dogecoin is better suited for transactions.” He stated that DOGE is slightly inflationary, and this encourages people to spend it rather than using it as a store of value.
Meanwhile, Tesla may not be the only company to start implementing crypto payments this year. A survey conducted by Visa shows that small and mid-sized businesses are also set to adopt crypto payments in 2022.