Elon Musk Tweet: Tesla Accepting Dogecoin, But There Is A Catch!

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Dogecoin prices spiked due to Tesla CEO’s tweet about buying Tesla with Dogecoin. However, there is a catch! Tesla states that it will not issue refunds for purchases made in DOGE.

Once again, the maverick technocrat and Billionaire Tesla chief have caused a significant surge in the values of Dogecoin with his tweets, reports marca.com. Tesla CEO’s tweet about buying Tesla with Dogecoin has once again caused a rise in the value of Dogecoin. Dogecoin’s value surged after Tesla Chief said that his company would be accepting Dogecoin as payment for some of its products.

His tweet, which read “Tesla merch buyable with Dogecoin,” led the meme-based coin to jump to $0.20 at around 1 a.m. EST. The currency jumped 9% by 7 a.m. on Friday, too.

Details of what buyers can buy from Tesla with Dogecoin are now available.

According to CNBC, details of what buyers can buy are now available. Musk has caused surges in the values of Dogecoin in the past and often made headlines with statements that seemed to show his love for the meme-based coin. He has also conducted a poll that asked if Tesla should accept Dogecoin for people to buy Tesla products. When it was released, there were more than 3.9 million votes, with 78.2% saying “Yes.” Musk’s tweets often led to a spike in the values of Dogecoin. Since Dogecoin is a meme-based coin, its values often rely upon social media hype and discussion to earn value.

As per CNBC, Musk’s tweets and surging interest from a wave of greenhorn investors often created a speculative frenzy in the cryptocurrency earlier this year and drove its prices higher. The recent tweet by Musk led to a jump of 15% in the value of the meme-based coin.

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Tesla Chief’s tweets are not taken seriously

However, there are riders to the offer from Tesla. Tesla will accept cryptocurrency as payment for a small number of items. Reuters confirmed that it includes a belt buckle Tesla makes called the “Giga Texas,” along with a whistle and mini models of their electric vehicles.

However, the tweets and statements from the maverick technocrat are not taken seriously. For example, Musk had earlier announced that Tesla would accept Bitcoin as payment for its cars. He, however, backtracked on his statement and said that Bitcoin mining is environmentally destructive, and Tesla refused to accept BTC as payment for its wares.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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