Elon Musk, CEO of Tesla and SpaceX, recently hinted that his space exploration company SpaceX and Starlink, a project designed to provide high-speed, low-latency, and affordable internet access to Earth, could soon begin accepting payments in the meme-inspired cryptocurrency Dogecoin ($DOGE).
Musk immediately reacted to a tweet suggesting that SpaceX’s products store and Starlink accept DOGE with a winking emoji, hinting that he has been working on such an integration for some time.
Billy Markus, co-founder of Dogecoin, said on social media that he wanted to “buy a model rocket with dog money” and urged the Dogecoin community to get SpaceX and Starlink to accept the meme-inspired cryptocurrency as a payment method.
Musk, for instance, is a well-known DOGE enthusiast who said late last year that he believes the cryptocurrency is preferable for transactions than other cryptoassets like Bitcoin ($BTC). Musk also said that bitcoin’s limited transaction volume and high transaction costs make it a superior alternative for wealth storage. As Bitcoin is a store of value, investors aim to avoid selling or transferring it.
Tesla, according to CryptoGlobe, spent $1.5 billion in the leading cryptocurrency at the beginning of this year and is projected to earn at least $1 billion on its investment, despite selling a little amount after the first purchase.
The electric car manufacturer has also just began accepting DOGE payments on its website, allowing customers to buy unique things such as its “cyberwhistle,” “Giga Texas” belt buckle, and “cyberquad” four-wheeler for children. The four-wheeler costs 12,020 DOGE, while the cyberwhistle is priced at 300 DOGE.
Tesla warns on its Dogecoin support page that customers who send the wrong amount of DOGE to its address may have their orders canceled, and that if an order is overpaid in the cryptocurrency, the “overpayment amount will not be refunded to the original payment method.”
Earlier this year, Musk and Billy Markus petitioned McDonald’s to accept DOGE as a payment method, but the fast-food giant ultimately rejected to create such an interface.
This article contains the author’s or anybody else’s ideas or opinions for informational purposes only; they do not represent financial, investing, or other advice. Investing in or trading cryptoassets is fraught with financial risk.