Tesla will accept Dogecoin for its merchandise, tweets Elon Musk

Tesla chief Elon Musk on Friday took to Twitter to announce that Tesla will accept Dogecoin as payment for its merchandise. Musk tweeted, “Tesla merch buyable with Dogecoin." The CEO had stated on the microblogging site last month that the EV maker will allow Dogecoin payment on a test basis. Following this, the cryptocurrency registered an increase of more than 20 per cent in December.

After Musk's tweet on Friday, the cryptocurrency surged again that is 18 per cent to above $0.2. Tesla website informed that one can buy products such as the Cyberwhistle and Cyberquad for kids using the cryptocurrency.

Musk who has often boosted Dogecoin on social media made the cryptocurrency quite volatile last year. Last year one of his tweets that referred the cryptocurrency as people's currency made the digital currency soared by 4,000 per cent. Billy Markus, Dogecoin’s co-creator, tweeted earlier Friday with an image that appeared to show a Cyberwhistle available for a price of 300 Dogecoin.

Last year, several of Musk's tweets pushed virtual currencies such as Bitcoin and Dogecoin on a rollercoaster ride. The Tesla CEO has advocated himself as a supporter of digital currencies. Earlier last year, he also said that Tesla will accept Bitcoin as payment for its electric vehicles. However, later Musk went back on his word citing environmental concerns that arise while processing digital currencies.

After facing some grave criticism for his tweets that negatively impacted the digital currencies, it was reported that Musk was targeted by a group of hackers that had has committed some of the biggest digital scams in the recent past. The anonymous account by which a video was posted, claimed that Musk's arrogant attitude towards cryptocurrencies has gone far enough, especially as it pertains to Bitcoin, which has reacted uncontrollably due to his tweets.