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Dogefather Elon Musk Hints Tesla May Soon Start Accepting Payment in Dogecoin

Image Credits: Twitter/@elomnmusk

Image Credits: Twitter/@elomnmusk

Dogecoin is a relatively unstable currency as compared to BTC and if received by the electric vehicle maker, it’s still unclear if it would be sold for flat money.

Elon Musk, the CEO of Tesla and SpaceX, has hinted at the possibility of the electric car maker accepting the Dogecoin currency as a payment method for its vehicle.He ran a Twitter poll on Tuesday to ask if his 53.8 million followers want Tesla to accept it as a payment method. He received about five lakh votes within 20 minutes of posting the poll. Unsurprisingly, many on the microblogging site replied with a positive response.

The Dogefather’s tweet comes just days after his commercial rocket company said it would accept the meme-inspired cryptocurrency as a payment method. Due to Musk’s affiliation with the Dogecoin currency, which began as a social media joke in 2013, Musk is also referred to in social media as the Dogefather. He has been one of the chief proponents of cryptocurrency in the corporate arena.

The company bought $1.5 billion in bitcoin (BTC) last February and in March this year; it started accepting BTC as a payment method for its cars directly on its website. It holds the cryptocurrency as part of its reserves. Till now, it has sold 10% of its cryptocurrency holdings to prove its liquidity as an alternative to cash.

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If the electric vehicle maker starts accepting Dogecoin (DOGE), the now-famous meme coin, it will also become part of its accepted cryptocurrency roster. However, Dogecoin is a relatively unstable currency as compared to BTC and if received by the electric vehicle maker, it’s still unclear if it would be sold for flat money.

Interestingly, Dogecoin spiked by 20% after the father of Dogeland tweeted the poll. The asset surged to 53 cents from a 24-hour low of 44 cents and again fell to around 51 cents. On Sunday, the cryptocurrency lost more than a third of its price after he called it a “hustle" during a show.

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first published:May 11, 2021, 19:22 IST