Elon Musk, the CEO of Tesla and SpaceX, has hinted that the electric car company might consider Dogecoin as a payment mechanism for its vehicles. On Tuesday, he asked his 53.8 million Twitter followers if they wanted Tesla to consider it as a payment form. Within 20 minutes of uploading the survey, he got over five lakh votes. Many people on the microblogging forum, predictably, responded positively.
Musk is referred to in social media as the Dogefather.
The Dogefather’s tweet comes only days after his commercial rocket business announced that the meme-inspired cryptocurrency will be accepted as a form of payment. Musk became known as the Dogefather on social media because of his involvement with the Dogecoin currency, which started as a social media gag in 2013. In the business world, he has been one of the most vocal supporters of cryptocurrencies.
Last February, the company purchased $1.5 billion in Bitcoin, and in March of this year, it began accepting Bitcoin as a payment option for its vehicles directly on its website. It has the blockchain in its reserve portfolio. To date, it has sold 10% of its cryptocurrency shares to demonstrate its liquidity as a viable alternative.
Dogecoin (DOGE), the now-famous meme coin, will join the list of approved cryptocurrencies until the electric car manufacturer begins to embrace it. However, Dogecoin is a more volatile asset than Bitcoin, and it’s uncertain if it’ll be exchanged for flat money whether it’s received by the electric car manufacturer.
Surprisingly, Dogecoin increased by 20% after Dogeland’s father tweeted the poll. From a 24-hour low of 44 cents, the commodity soared to 53 cents before falling to about 51 cents. The cryptocurrency lost more than a third of its value on Sunday after he referred to it as a “hustle” during a broadcast.
