Tesla will now be accepting payments in the form of the Dogecoin cryptocurrency at its Santa Monica Superchargers. The announcement was made by Tesla CEO Elon Musk via Twitter in a response to a tweet by a user named Ryan Zohoury stating that the new Santa Monica Superchargers were almost full minutes after opening. Also Read - TDS on cryptocurrency transactions explained with examples: New crypto tax from July 1
And, of course, you can pay in Ðoge Also Read - Elon Musk threatened Tesla employees to work from office. Now office doesn't have enough seats.
— Elon Musk (@elonmusk) February 19, 2022 Also Read - Crypto price today in India: Bitcoin, Ethereum see mild dip while Dogecoin rallies
After the announcement, Dogecoin jumped by 3.22 percent, trading at Rs 11.1635. This news comes a few days after Musk had announced that people will be able to purchase Tesla Inc merchandise like the Cyberwhistle and the Cyberquad for Kids using Dogecoin. He had stated that Dogecoin as payment for merchandise is just being made on a test basis and isn’t permanent.
Musk has been a long time Dogecoin supporter, coining terms like “Dogecoin to the Moon”. He keeps on boosting the crypto’s buzz utilising his social media and during multiple interviews has stated that he endorses Dogecoin over any other crypto coin.
During a recent interview Musk stated, “The transaction value of Bitcoin is low and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency.” He further added that even though Dogecoin was created as a joke, it is better suited for transactions.
In other news, Musk last year stated that as Bitcoin mining is “shifting towards renewable energy”, Tesla will soon start accepting the cryptocurrency as payment once again. He stated that once he confirms mining uses 50 percent or more renewable energy, Tesla will start accepting the cryptocurrency again.
Tesla had stopped accepting Bitcoin back in May 2021, due to concerns about fossil fuel used in mining, triggering a bear phase for the digital currency.