At the Santa Monica Supercharger station, Tesla will take Dogecoin as payment.
Musk had tweeted in December saying Tesla will accept Dogecoin as payment for merchandise on a test basis
Monday, February 21, 2022 | Chimniii Desk
Elon Musk, the CEO of Tesla, revealed on Twitter on Saturday that the company's supercharging station will accept Dogecoin as payment.
"Of sure, you may pay in oge (sic)," Musk responded to a tweet from Tesla Console founder Ryan Zohoury, who stated that the new Santa Monica Superchargers were nearly full minutes after opening.
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Following this, the price of Dogecoin increased by 3.22 percent, trading at 11.1635.
This comes only days after Musk announced that Dogecoin may be used to purchase Tesla Inc products such as the "Cyberwhistle" and "Cyberquad for Kids."
Tesla will accept Dogecoin as payment for items on a trial basis, Musk tweeted in December.
Tesla's CEO, who has been a vocal supporter of Dogecoin on social media, had been hinting at the decision for some time. Furthermore, other reports in recent days claimed that source code on Tesla's website had a Dogecoin payment option.
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He also backed Dogecoin over any other crypto coin in a recent interview.
"Bitcoin transactions have a low transaction value and a high transaction cost. It is suitable as a value store, at least on a spatial level. But, at its core, Bitcoin is not a good substitute for transactional currency," he added, adding that, despite its origins as a joke, Dogecoin is better suited for transactions.
Musk was an early corporate proponent of digital currencies and was instrumental in the rise of Dogecoin.
Meanwhile, Musk stated last year that because Bitcoin mining is "moving towards sustainable energy," his business will most likely resume taking Bitcoin as payment for its electric vehicles.
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Hydropower, geothermal, and nuclear energy are all viable options for Bitcoin mining, according to Musk, who also stated that if he determines that Bitcoin mining uses 50% or more renewable energy, Tesla will resume taking the money.
Tesla halted Bitcoin purchases in May 2021 due to concerns over the usage of fossil fuels in mining, causing the digital currency to plummet.
He expressed concern about the "huge use" of coal and other carbon-intensive energies to generate the electricity needed to mine digital currency in a tweet on Thursday.
Tesla announced in February of last year that it had purchased $1.5 billion in Bitcoin and planned to accept it as payment, sparking a spike in both the company's stock and the currency.
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