Tesla CEO Elon Musk, a long-time advocate of Dogecoin, has recently hinted at the possible return of the cryptocurrency as a payment option on Tesla's online merchandise store. This comes after an X.com (formerly Twitter) user asked if Tesla would consider reinstating Dogecoin for purchasing merchandise. Musk’s simple reply, “Me,” has reignited excitement among Dogecoin enthusiasts and the broader crypto community.
Dogecoin’s Journey with Tesla
Tesla began accepting Dogecoin as a payment option for specific items in its online store in January 2022. Fans could use the meme-inspired cryptocurrency to purchase items like apparel and accessories. However, Dogecoin mysteriously vanished as a payment option later on, with no official announcement from Tesla explaining why or when it was removed.
At present, Tesla’s online store only accepts traditional credit card payments. The sudden removal of Dogecoin has left many fans wondering if and when the popular cryptocurrency might return as an option, particularly given Musk's apparent continued support for Dogecoin.
Environmental Concerns and Tesla’s Crypto Policy
Tesla’s approach to cryptocurrencies has been somewhat complex, especially when considering environmental concerns. In 2021, Musk stated that Tesla would suspend accepting Bitcoin for vehicle purchases due to the environmental impact of Bitcoin mining, which consumes a significant amount of electricity. Musk had indicated that Tesla would resume accepting Bitcoin once mining transitions to more sustainable energy sources.
Dogecoin, much like Bitcoin, also requires substantial energy for mining and processing transactions. This fact raises questions about whether Tesla’s environmental policy will impact the return of Dogecoin as a payment option.
Legal Challenges and Dogecoin’s Future with Tesla
Musk’s renewed interest in Dogecoin comes shortly after U.S. District Judge Alvin Hellerstein dismissed a lawsuit accusing him of manipulating the Dogecoin market. The lawsuit alleged that Musk inflated Dogecoin’s price and then allowed it to crash, causing losses for investors. The plaintiffs described Musk’s actions as a “Dogecoin Pyramid Scheme,” but the judge ruled that Musk’s statements about Dogecoin were not factual claims but rather “aspirational and puffery.”
Despite the legal challenges, Musk remains a vocal supporter of Dogecoin, and his recent comments have sparked hope that Tesla might reintroduce Dogecoin as a payment option on its merchandise store.
What’s Next?
While it remains uncertain whether Dogecoin will make a comeback as a payment option on Tesla’s store, Musk’s continued support for the cryptocurrency suggests it’s a possibility. For now, Tesla fans and Dogecoin holders alike are eagerly awaiting any further announcements from Musk or Tesla that could confirm Dogecoin’s return.
