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Musk says Tesla to accept dogecoin for merchandise

(Reuters) - Tesla (NASDAQ:TSLA) Inc will accept meme-based cryptocurrency dogecoin as payment for its merchandise such as the "Giga Texas" belt buckle and mini models of electric...
Musk says Tesla to accept dogecoin for merchandise © Reuters. FILE PHOTO: Representation of cryptocurrency Dogecoin is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Tesla (NASDAQ:TSLA) Inc will accept meme-based cryptocurrency dogecoin as payment for its merchandise such as the "Giga Texas" belt buckle and mini models of electric vehicles, Chief Executive Officer Elon Musk said in a tweet on Friday.

The move, which sent dogecoin prices 14% higher, comes a month after Musk said Tesla would test out the digital token as a payment option.

Musk, a vocal proponent of cryptocurrencies, has heavily influenced prices of dogecoin and bitcoin, and at one point had said the company would accept bitcoin for purchasing its cars before axing plans.

Tesla's merchandise, which also include the recently launched "Cyberwhistle" and "Cyberquad for Kids", are a hit with its fans, and usually sell out within a few hours of listing.

"Some have noted that goods for doge are selling out even faster than for dollars. This news is a good illustration of crypto's continued penetration of corporate culture," said Alex Kuptsikevich, senior financial analyst at FxPro.

Musk's tweets on dogecoin, including the one where he called it the "people's crypto", have turned the once-obscure digital currency, which began as a social media joke, into a speculator's dream. The token's price surged by about 4,000% in 2021.

Tesla disclosed last year it had bought $1.5 billion worth of bitcoin, and Musk has also said he owns some bitcoin and dogecoin.

Tesla is facing intense competition as legacy automakers such as Ford Motor (NYSE:F) Co as well as startups including Rivian Automotive are set to launch their electric cars this year.

Tesla's much-awaited Cybertruck will begin production in the first quarter of 2023, pushing back its plan to start production in late 2022, Reuters reported.

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25-01-2022 08:28:57 (UTC+7)

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1.1277

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    EUR/USD 1.1277 ↑ Buy  
    GBP/USD 1.3470 ↑ Buy  
    USD/JPY 113.96 ↑ Sell  
    AUD/USD 0.7131 ↑ Buy  
    USD/CAD 1.2647 ↑ Buy  
    EUR/JPY 128.50 ↑ Sell  
    EUR/CHF 1.0365 Sell  
    Gold 1,841.35 ↑ Buy  
    Silver 23.793 ↑ Buy  
    Copper 4.4078 ↑ Buy  
    Crude Oil WTI 83.44 Buy  
    Brent Oil 85.66 Neutral  
    Natural Gas 3.796 ↑ Sell  
    US Coffee C 236.65 ↑ Sell  
    Euro Stoxx 50 4,068.35 ↑ Sell  
    S&P 500 4,410.13 ↑ Buy  
    DAX 15,066.25 ↑ Sell  
    FTSE 100 7,355.13 ↑ Sell  
    Hang Seng 24,243.61 ↑ Buy  
    Small Cap 2000 2,030.04 ↑ Buy  
    IBEX 35 8,487.28 Neutral  
    BASF 65.200 ↑ Buy  
    Bayer 50.80 ↑ Buy  
    Allianz 219.88 ↑ Buy  
    Adidas 237.60 ↑ Sell  
    Lufthansa 6.691 ↑ Buy  
    Siemens AG 137.35 ↑ Buy  
    Deutsche Bank AG 10.932 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,195/ 6,245
(25/ 35) # 1,202
SJC HCM6,190/ 6,255
(40/ 45) # 1,211
SJC Hanoi6,190/ 6,257
(40/ 45) # 1,213
SJC Danang6,190/ 6,257
(40/ 45) # 1,213
SJC Nhatrang6,190/ 6,257
(40/ 45) # 1,213
SJC Cantho6,190/ 6,257
(40/ 45) # 1,213
Cập nhật 25-01-2022 08:29:00
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$1,841.48 -2.06 -0.11%
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Ngoại tệMua vàoBán ra
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EUR24.914,3926.311,12
GBP29.734,0431.003,87
JPY192,65203,94
KRW16,3519,92
Cập nhật lúc 18:49:50 25/01/2022
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