Tesla now accepts Dogecoin

Tesla CEO Elon Musk announced that Tesla now accepts Dogecoin (DOGE) as payment for the company’s merchandise. DOGE-eligible products in the Tesla store can be purchased by sending DOGE to Tesla’s Dogecoin wallet.

Although it now accepts DOGE, the firm also clarified that it is not taking any other crypto. The company stated that it cannot receive other assets but DOGE on its website. The business told customers that ‘non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser.’

Additionally, items purchased with DOGE cannot be returned, exchanged or cancelled. Tesla considers all sales made through DOGE as final and cannot be exchanged for cash. 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 14 January 2022, just a few hours after implementing DOGE payments, the asset’s price saw an 18.63% gain.

In December 2021, 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.