You can now buy a Tesla using dogecoin, but you’ll have to go through a different company to do it.
Bots Inc., a global blockchain technology company, announced that it will let users buy Teslas and other cars with Dogecoin, a cryptocurrency based on the popular “Doge” internet meme.
Bots said it will allow local car dealerships to accept cryptocurrency such as dogecoin for pre-owned Tesla electric vehicles. Its decision comes amid a larger move by car dealers and manufacturers to reach new customers with crypto. Bots first plans to offer Dogecoin merchant processing services to pre-owned Tesla EV dealers and individuals.
Tesla itself doesn’t allow Dogecoin payments for direct sales of its EVs, though the company did have a brief fling with Bitcoin earlier in the year. In February, it began accepting bitcoin for car purchases, but Musk suspended that program in May amid concerns about the environmental impact of the cryptocurrency.
He later tweeted that Tesla would likely resume accepting bitcoin payments, though this will only happen when the energy used in mining the crypto reaches the threshold of 50% renewable power, the Bitcoinist website noted.
Meanwhile, the price of Dogecoin got a boost after billionaire investor and Dallas Mavericks owner Mark Cuban told CNBC that the community for doge is “the strongest when it comes to using it as a medium of exchange.” In a tweet, Musk said he agreed with Cuban.
But as GOBankingRates reported, for all of Cuban’s praise of Doge, he still only owns about $500 worth of the crypto. In a March podcast, Cuban said that his crypto portfolio consists of 60% in bitcoin, 30% in ethereum and 10% in other unnamed coins.