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Dogecoin Up 11% as Tesla Accepts the Crypto

Dogecoin Up 11% as Tesla Accepts the Crypto
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Dogecoin prices topped 15% following news that Tesla is accepting cryptocurrency as a payment method for goods in its digital market, with prices at 8 a.m. ET on Friday (January 14) reaching 0.19, up 11.51%, according to multiple reports.

Tesla and SpaceX CEO Elon Musk sparked plans on Twitter in December that accepting payments with dogecoin was in the works for his e-commerce store, tweeting, “Tesla will make some purchasable with Doge and see how it goes.”

See also: Tesla Tries Dogecoin as payment, Report says

The caveat regarding purchases of dogecoin merchandise is the Terms and Conditions, which includes a no-return or refund policy. Tesla items purchased using traditional payment methods can be returned within 30 days of receiving the product. To purchase with dogecoin, users must transfer funds from their dogecoin wallet to Tesla, a transaction that can take up to six hours, according to the website.

Musk has been a consistent supporter of the meme-inspired cryptocurrency, and his tweets often move prices. The cryptocurrency was launched in 2013 with a starting price of 0.00026.

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The eleventh largest cryptocurrency in the world has a market capitalization of $24 billion. Earlier this year, Tesla abandoned its move to accept bitcoin as a payment for its electric cars due to environmental concerns. Bitcoin mining uses large amounts of energy, compared to Dogecoin, which uses much less.

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a significant cost to the environment,” Elon Musk said in a statement at the time.

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PYMNTS reports that cryptocurrency has moved into the mainstream in 2020, with an estimated 13% to 14% of Americans to own or own crypto.

The market capitalization of Bitcoin briefly reached $3 trillion in November 2021, when the price of Bitcoin approached $68,800. Ether, which started the year around $750, closed out 2021 near $4,000. Since then, prices have taken a huge hit in the new year, with bitcoin trading at $42,227 around 8 a.m. ET on Friday (January 14) and ether trading at $3,219.

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