"Dog" is prosperous? Musk Says You Can Buy Tesla Goods With Dogecoin

On Jan. 14, the cryptocurrency Dogecoin surged on the latest remarks from Tesla CEO Elon Musk. Musk said Tesla will accept Dogecoin as a payment tool for purchases.

Dogecoin is favored by the richest man in the world. To a certain extent, it is a bit of a "dog" luck. This cryptocurrency has always been one of the most unstable cryptocurrencies. On December 6, 2013, Adobe software engineer Jackson Palmer and IBM software engineer Billy Markus jointly launched Dogecoin based on the Shiba Inu model. A satire on the cryptocurrency culture of the time.

Although Dogecoin started out as a hoax, like other mainstream cryptocurrencies, the cryptocurrency has grown in popularity with investors as the number of institutions involved has grown and the cryptocurrency ecosystem has expanded. As of January 13, 2022, the price of each Dogecoin is about $0.16, ranking 12th by market cap.

Before that, Musk also called himself the "Godfather of Dogecoin", and he once called Dogecoin "the people's cryptocurrency", and he did not hesitate to love Dogecoin.

"Tesla merchandise can be bought with Dogecoin," Musk said in a tweet early Friday, Jan. 14.

On the same day, some products on Tesla's North American official website can already be paid in Dogecoin. Including "Cyberwhistle Whistle", "Cyberquad for Kids", "Giga Texas Belt Buckle" and more. Prices range from 300 Doge to 12,020 Doge. However, Tesla does not currently support the use of Dogecoin to purchase automotive products.

"Dog" is prosperous? Musk Says You Can Buy Tesla Goods With Dogecoin

"Dog" is prosperous? Musk Says You Can Buy Tesla Goods With Dogecoin

Dogecoin surged 18% to above $0.2 following Musk’s tweet. According to CoinDesk quotation data, as of 4:06 pm on January 14, Dogecoin rose 14% to 19.376 cents.

In the purchase details, Tesla specifically emphasized: Tesla only accepts Dogecoin, a cryptocurrency, and cannot receive or detect any other digital assets. The company reminds users to make sure to use Dogecoin for purchases before paying, as using any other digital asset may result in loss or destruction of the asset. Also, non-Dogecoin digital assets paid to Tesla will not be refunded to purchasers.

Tesla said that if you need to use Dogecoin to pay for Tesla peripheral products, you need to connect through the wallet, and the order will "cannot be canceled", and all products paid with Dogecoin do not support returns and exchanges or cancel the transaction.

Judging from the above rules, users who use Dogecoin to buy Tesla products do not seem to enjoy the various preferential treatment for customers under the modern business culture of the United States. Nonetheless, this did not prevent Dogecoin from surging in price.

This is not the first time Musk has tweeted about Dogecoin. On December 14, 2021, he tweeted: "Tesla will launch some products that can be purchased with Dogecoin, see How's it going."

"Dog" is prosperous? Musk Says You Can Buy Tesla Goods With Dogecoin

However, the future of Dogecoin is still unclear, because Tesla also supported Bitcoin payments before supporting Dogecoin not long ago. On March 24, 2021, Musk announced on Twitter: "You can now buy a Tesla with Bitcoin."

But in less than two months, on May 13, 2021, Musk announced on social media: "Tesla stopped using Bitcoin to buy car products."

This time, Tesla enabled Dogecoin payment, and many people have a more optimistic outlook on the future of Dogecoin. They believe that Dogecoin has actual value and may be used to pay for more products in the future. . Some people even believe that the access to Tesla payment is only the first step for Dogecoin to have a global mobile payment, which will likely reach the same status as paypal in the next fifty years. PayPal is currently the world's largest online payment provider.

But who can guarantee that Dogecoin will not repeat the fate of Bitcoin?