Tesla could move even further into the world of cryptocurrency as Elon Musk teases the potential for the automaker to accept payment using a second cryptocurrency: Dogecoin.
Earlier this year, Tesla invested $1.5 billion in Bitcoin and started accepting the cryptocurrency as payment on new vehicles.
But Bitcoin is not Elon Musk’s favorite cryptocurrency.
Tesla’s CEO has often discussed how he’s a fan of Dogecoin, which is a real cryptocurrency that started as a joke on Reddit to laugh at all the Bitcoin pumps.
Since Musk started talking more often about the cryptocurrency, Dogecoin’s value has been soaring, and it now has a total market capitalization of $65 billion.
In recent weeks, Musk has gone further than simply promoting the cryptocurrency on his popular Twitter account.
Dogecoin uses the slogan “To the moon” as a way to predict the rising value of the coin.
Based on that slogan, Musk has announced that SpaceX will literally send Dogecoin to the Moon in a satellite mission next year:
Now Musk is also discussing his other company, Tesla, getting involved in Dogecoin by accepting the cryptocurrency as payment.
The CEO tweeted a poll to ask if Tesla should accept Dogecoin:
Over 3 million people responded and the cast majority voted ‘Yes’ to the proposal.
Tesla has already started accepting Bitcoin as payment, and it wouldn’t be too difficult to start accepting other cryptocurrencies.
However, we did note that Tesla’s own disclosure showed that buying a car using Bitcoin is not very efficient.
Electrek’s Take
I’m not gonna lie. I think Dogecoin is quite dumb, but it’s not much dumber than any other cryptocurrency or fiat money for that matter.
If Tesla was going to invest in Dogecoin, it would be another matter, but I don’t see any major issue in accepting it as payment.
Also, I have no problem with Elon talking about Doge, but it’s a strange situation because there’s now a lot of money involved.
Some people are making a ton of money off of Elon promoting Dogecoin. There’s no doubt about that.
I’m not saying it’s the case, but if it was ever revealed that some of those people are close to Elon and selling Dogecoin, it could turn into a mess quite fast.
It’s one of those things that as a fan and shareholder of Tesla, I’d prefer if it stays an Elon thing and not a Tesla thing.
What do you think? Let us know in the comment section below.
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