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Tesla, the world-famous electric car manufacturer, reportedly wants to offer a crypto-based payment method to its users. As per reports, the company plans to enable the customers to purchase some merchandise or products by using the original meme coin, Dogecoin.
The CEO of Tesla, Elon Musk, is known to be one of the biggest supporters of the meme coin. He noticeably supported the canine-themed coin and was even able to cause the price to rise or fall with a single tweet.
However, the influence was somewhat affected with time and especially after Tesla discontinued the option for people to pay for its vehicles through Bitcoin. Now, the significance of Tesla and the original meme coin seem to be elevated, thanks to the new announcement by the electric car manufacturer.
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What Can You Buy from Tesla with DOGE?
Tesla is the most prominent electric vehicle manufacturer in the world. According to reports, the electric car giant has priced some of its products in the original canine-themed meme coin, which has come as a surprise for many.
Earlier today, the CEO of Tesla, Elon Musk also announced by posting a tweet that said:
To be more specific, people cannot purchase electric vehicles with Dogecoin. However, they can buy other items or electric vehicles with the meme crypto asset.
One of the vehicles that can be bought with DOGE is Cyberquad. This is a quad bike designed by Tesla for children that cost about $1,900.
The news of DOGE being accepted by Tesla for vehicle purchase caused the price of the meme coin to surge as it is now trading at $0.1991 (at the time of writing).
Here is a graph by CoinMarketCap that shows the price movement for DOGE over the last week when Tesla tested how well it worked as a payment method.
Is Dogecoin Better than Bitcoin for Payments?
Bitcoin and Dogecoin are both significant in their own ways as BTC is the largest digital asset in the world while DOGE is the most popular meme coin.
However, billionaire Elon Musk believes that the original meme coin is better for payments than the flagship crypto Bitcoin.
The electric car manufacturer also recently specified that it only accepts DOGE as a form of payment. The company did begin accepting BTC as payment last year but then discontinued it due to environmental concerns.
However, despite the fact that BTC payments aren’t accepted, Tesla has one of the largest Bitcoin portfolios in the world.
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