After Elon Musk tweeted about the possibility of paying with Dogecoin cryptocurrency for a number of Tesla products, the Dogecoin price jumped by more than 10%.
Musk told his followers that Tesla merch can now be purchased with Dogecoin. The cost of a number of goods in cryptocurrency appeared on the company's website.
Tesla merch buyable with Dogecoin— Elon Musk (@elonmusk) January 14, 2022</a >
The price of Dogecoin jumped at the end of last year, when Musk first wrote that the company's merchandise could be bought with this cryptocurrency.
At the time, Musk told Time magazine, which named him its 2021 Person of the Year, that while Dogecoin was created as a "stupid joke," it was "better transacted" than bitcoin.
Dogecoin, he says, "incentivizes people to spend money, not save it."
Tesla bought $1.5 billion worth of bitcoin last year. Musk said at the time that the company would begin accepting payments in the cryptocurrency. The company later abandoned the idea due to concerns about the high level of fossil fuel use in bitcoin mining.