Electric vehicle maker Tesla will start accepting Dogecoin as payment for some products.
Tesla CEO and controversial entrepreneur Elon Musk tweeted that Tesla will sell “some merch” for Dogecoin.
“Tesla will make some merch buyable with Doge & see how it goes.”
Musk did not specify what Tesla products will be available for Doge. On the company’s website, lifestyle products and branded clothing are available for purchase.
A day earlier, Musk, named by Time as Person of the Year, said that Dogecoin has higher potential in terms of aggregate transaction flow, such as transactions per day, than bitcoin. According to Musk, Bitcoin cannot replace traditional fiat currency due to low transaction volume and high transaction fees.
Musk’s tweet was posted on December 14 at 5:34 am ET, and immediately had a bombshell effect on the crypto market. In a few hours, the Doge price soared by more than 20% against the general bearish background of other cryptocurrencies.