As payment for merchandise, Tesla to accept dogecoin on a test basis, says CEO Musk

After making news for becoming the Time magazine's 'Person of the Year' for 2021, Tesla Inc chief Elon Musk is back at it again.   

On Tuesday, Musk said that on a test basis, the electric carmaker will accept dogecoin as payment for merchandise. The announcement gave a push to the cryptocurrency, sending it up by 24%.  

In a tweet, Musk said, "Tesla will make some merch buyable with Doge & see how it goes."   

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After the message, the cryptocurrency raced up to $0.20.   

The billionaire did not specify which merchandise could be bought. The merchandise of the company can cost from $50 to $1,900.  

The company sells items, such as mini models of vehicles, apparel, limited-edition 'Cyberwhistle', quad bike 'Cyberquad', 'Giga Texas' belt buckles, etc.   

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As per data from Coinbase website, the tweets by the Tesla CEO on the cryptocurrency, have helped the cryptocurrency soar 5,859% in the last year.  

"Bitcoin is not a good substitute for transactional currency," Musk also said in an interview.   

In a Twitter poll, Musk had asked users if they wanted Tesla to accept dogecoin in May.   

(With inputs from agencies)