Tesla has made yet another bold move in innovation as it is now accepting Dogecoin only for select merchandise. What is that merchandise, how much is it, and why did Tesla do this? We'll discuss it now.
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Tesla Accepts Dogecoin Only For Merchandise
In another brilliant and innovative move, Elon Musk has Tesla accepting Dogecoin only for select merchandise. In fact, I just bought a S3XY mug for 150 Dogecoin (the equivalent of about $28). For those holding Dogecoin and if it continues to increase in value, this is both good for those holding the Dogecoin and for Tesla.
Here's the list of items Tesla is accepting Dogecoin for and how much they are as of 1/15/2022:
Cyberquad for Kids: 12,020 Doge ($2,253)
S3XY Mug 150 Doge ($28):
Cyberwhistle: 300 Doge ($56)
Giga Texas Belt Buckle: 835 Doge ($156)
These were the only items I was able to find. Gift cards and other accessories are still in USD (U.S. Dollars).
I expect that Tesla will continue to add more accessories that Dogecoin can be used to purchase.
No Sales Tax
What struck me immediately is that when I bought my Dogecoin, I paid no state sales tax. When I bought the mug from Tesla and the order completed, there was no state sales tax. Normally I pay about 5% of any purchase in sales tax on any purchases made, even on Amazon.com, but it was not so with cryptocurrency. Note, I paid a small transaction fee of 1.44 Dogecoin for the purchase using Dogecoin.
That was about 27 cents, which was about 1% of my order. I'll take a 1% transaction fee over a 5% sales tax any day of the week.
I'm really liking this a lot. It means a little more efficient use of money.
Dogecoin for Robotaxi Services
I could see a future where Tesla has developed Robotaxi services and then accepts payment in Dogecoin. What would this mean? It would mean the price of Dogecoin would skyrocket as people would want to be able to use it to pay for Robotaxi services.
It would also mean that other people and companies would have to start thinking about using Dogecoin. Because if Tesla is using it for their network, Tesla will start to control the narrative around money. Pretty soon, everyone would be exchanging things using Dogecoin.
This would put pressure on others to start using Cryptocurrency for their services, creating a snowball effect. I think that's what we may see - a snowball effect with cryptocurrency that is unstoppable.
In fact, it's very easy to pay someone using Dogecoin on Coinbase. Just enter the wallet and amount to pay and the person on the receiving end will see their Dogecoin appear. Hopefully you are using 2 factor authentication, but other than entering that, it's that simple. No need to complex apps and a bank account.
Will Tesla start accepting Dogecoin for more and more things in the future? Will they accept Dogecoin for their cars eventually?
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Jeremy Johnson is a Tesla investor and supporter. He first invested in Tesla in 2017 after years of following Elon Musk and admiring his work ethic and intelligence. Since then, he's become a Tesla bull, covering anything about Tesla he can find, while also dabbling in other electric vehicle companies. Jeremy covers Tesla developments at Torque News. You can follow him on Twitter or LinkedIn to stay in touch and follow his Tesla news coverage on Torque News.
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