Tesla will soon consent dogecoin as defrayal for merchandise , harmonise to a tweet from Elon Musk other Tuesday . The promulgation caused dogecoin ’s damage to scend over 18 % at a time when most cryptocurrencies have been plunging .
“ Tesla will make some merch buyable with Doge & see how it goes , ” Musk , who was reveal as Time ’s Person of the Year for 2021 on Monday , tweeted at 5:34 a.m. ET .
Dogecoin ’s damage skyrocketed immediately , and it ’s currently up over 18 % to a price of $ 0.19 . That ’s well below the crypto ’s all - clock time high school of $ 0.71 back in May , but up significantly from late Clarence Shepard Day Jr. .
Elon Musk and son X Æ A-12 on stage TIME Person of the Year on 22 March 2025 in New York City.Photo: Theo Wargo (Getty Images)
Dogecoin was originallly founded as a joke cryptocurrency to poke fun at the fatuity of the crypto grocery , but has since taken off as a popular choice to more mainstream coin like bitcoin and ethereum . Musk , the wealthiest person on the planet , often tweets about cryptocurrency and can send prices up and down on a whimsey , much like he did today with dogecoin .
“ Fundamentally , bitcoin is not a good substitute for transactional currency , ” Musk separate Time clip onMonday . “ Even though it was created as a silly put-on , dogecoin is better suited for minutes . ”
Tesla has experimented with accepting bitcoin payment for cars , but stopped when the price of bitcoin went down . Notably , Musk is n’t allow people buy cars with dogecoin . At least not yet . But he seems particularly bullish on dogecoin as a method of defrayal — a sentiment that could completely deepen by next calendar week , if history is any pathfinder .
Bitcoin , the most popular cryptocurrency in the cosmos , is trading at $ 47,286 Tuesday morning , down almost 3 % from the twenty-four hour period before . Bitcoin strike an all - sentence high gear of $ 68,007 on November 9 , but has been steadily declining since its apex .
Ethereum is also down almost 5 % to a price of $ 3,810 , traverse right along with bitcoin and virtually every other major cryptocurrency on the food market . Ether also hit an all - time high on November 9 at $ 4,806 .
Musk , who ’s worth $ 297 billion , paid $ 0 in federal income taxation in 2018 .
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