Elon Musk, the Tesla
and SpaceX CEO, has caused a flurry in the cryptocurrency market again by tweeting
that his company Tesla will accept dogecoin for some purchases. The inventor
announced that certain merchandise would be made available at first, and they
would take stock how the thing went. Following Musk’s statement, the price of dogecoin
rose by 20% to $0.20 per coin.

However, it is not
quite clear what can be bought with this meme-inspired cryptocurrency. The
Tesla website has an assortment of merchandise, several of which are lifestyle
products, including a $50 whistle, which Musk had promoted too, asking buyers
to blow the whistle on Tesla. Other products include a belt buckle priced at
$150 and an ATV for kids.

Also Read | What are Elon Musk’s top tweets in 2021?

Musk, who has recently
been named TIME Magazine’s 2021 person of the year, has had a love hate
relationship with cryptocurrency. Throughout the year, Musk has jumped the
fence, once praising crypto, while also rejecting it over environmental
concerns. However, all throughout, the entrepreneur has maintained his support
for the dogecoin. Musk even called it the crypto of the people. Musk’s influential
tweets culminated in a ‘Saturday Night Live’ speech, delivered light-heartedly,
regarding dogecoin.  

Also Read | Crypto market slumps after China’s comments on outlawing mining

Notably, this cryptocurrency
came into existence in 2013 as a joke on Bitcoin and the other cryptos. Musk
had also announced at a time that he was working with the developers of
dogecoin to make transactions more environmentally sound. Considering his
longstanding appreciation for dogecoin, it is not surprising that Musk would
choose that particular cryptocurrency as acceptable to Tesla.

Also Read | Elon Musk says future of Internet, Web3, is BS

It remains to be seen
if the scope of crypto in Tesla transactions increases. It depends on Musk, who
recently dumped a huge chunk of Tesla shares in an attempt to settle his federal
matters.