Tesla, the leading electric vehicle manufacturer in the United States, has added Dogecoin as a payment option for its products, according to the company’s official website. This move comes after Tesla CEO Elon Musk announced in March of this year that the company would accept Dogecoin as a form of payment for its electric vehicles. The detailed explanation of using Dogecoin as a payment method has been updated on the Tesla website recently.
The updated page on the Tesla website states that certain products now support payment with Dogecoin. These products will display the Dogecoin symbol next to the order button, allowing buyers to transfer Dogecoin from their Dogecoin wallet to the Tesla Dogecoin wallet for payment.
Tesla emphasizes that all eligible Tesla products will have a clear price in Dogecoin, including any applicable taxes. However, there are some things to note when making a payment with Dogecoin, such as the fact that a single order does not accept multiple wallet payments, orders cannot be canceled after they are placed, and returns are not applicable for products purchased with Dogecoin.
It is important to highlight that Tesla currently only accepts Dogecoin as a payment method, and any other digital assets sent to Tesla may result in the loss of those assets, as they will not be refunded to the buyer.
In March of this year, Elon Musk stated that at some point, Dogecoin would be allowed as a form of payment for Tesla electric vehicles. He explained his support for Dogecoin, stating that many employees at Tesla and SpaceX asked if Dogecoin could be supported, and he chose to support it because Dogecoin is a digital currency for the people.
Although Tesla’s website has been accepting Dogecoin as a payment method for certain products, such as apparel and toys, since 2022, this recent update regarding the explanation of Dogecoin payment may indicate that Tesla will gradually loosen its restrictions on cryptocurrency payments.
Perhaps inspired by this news and the surge in Bitcoin, Dogecoin reached a high of $0.17 yesterday and was trading at $0.157 at the time of writing, representing a 5.3% increase in the past 24 hours.
It is worth noting that Tesla purchased $1.5 billion worth of Bitcoin in February 2021 and started accepting Bitcoin as a payment method in March 2021, causing Bitcoin’s price to soar. However, Musk announced in May of that year that Tesla would temporarily suspend Bitcoin payments due to concerns about the environmental impact of Bitcoin mining and transactions.
Musk has previously stated that Tesla does not rule out the possibility of resuming Bitcoin payments in the future, as long as Bitcoin miners use a reasonable amount (around 50%) of renewable energy and there is a positive trend in the future. The footsteps of miners using renewable energy are continuing to progress, so we may soon see the day when Bitcoin can be used to purchase Tesla vehicles again.