Tesla Begins Accepting Dogecoin In the US

Tesla has started accepting dogecoin, the cryptocurrency championed by his co-founder and CEO Elon Musk. While it has started accepting the currency, it is relegated to only one Supercharger station in Santa Monica. This was confirmed by Elon Musk in a response to a tweet by a user named Ryan Zohoury.

Following the tweet by the Tesla founder, the price of Dogecoin, went up to Rs 11.16 higher by 3.22 percent. Musk had also announced that Tesla's merchandise Cyberwhistle and Cyberquad for kids can also be bought using Dogecoin.

Memes around Musk and Dogecoin have gone viral on twitter

Musk has been a huge proponent of Dogecoin and has tweeted about it numerous times on social media. There were recent reports that the source code of Dogecoin was found on the Tesla website.

"The transaction value of Bitcoin is low and the cost per transaction is high. At least at a space level, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency," he said.

Musk had initially pushed Bitcoin as well until he stopped its use at Tesla because of the climate impact bitcoin mining has proven to have. Tesla also bought $1.5 billion worth of Bitcoin which also boosted its stock.