Tesla to accept Dogecoin as Payment for new vehicles?
Elon Musk Tweets Poll asking followers if Tesla should accept Doge
Following his recent and much anticipated debut on Saturday Night Live which caused a stir in the world of cryptocurrency, particularly Dogecoin, Elon Musk tweeted a few hours ago with a poll which posed a simple question; "Do you want Tesla to accept Dogecoin?". The news comes after a very interesting few days for the 'joke' cryptocurrency which has seen its price soar to an all time high of 74 US cents.
Back in March this year Musk announced that people could buy a Tesla with Bitcoin, a massive commitment from the world's ninth largest company by market capitalisation. Given this, the idea of Tesla allowing customers to pay for their cars via Dogecoin does not seem like an unreasonable move by the automotive and tech giant. The stratospheric rise in price from the cryptocurrency that was originally created as a joke to mock the industry has been largely driven by tweets and references to the coin made by the Tesla and SpaceX founder. In just the last year Dogecoin has risen by over 10,000%. To put that into perspective, a mere $100 investment a year ago would now be worth over $10,000.
In the first quarter of 2022 SpaceX is set to launch the DOGE-1 mission to the moon, which will deliver a satellite for use by the Geometric Energy Corporation. Most notably, the mission was paid for fully in Dogecoin, and will be the first time in history that anything cryptocurrency or meme related has been into space. Musk, the self-proclaimed "Dogefather", has been a key backer of the digital-currency for some time now, referring to it as "the people's cryptocurrency". While his appearance on SNL two days ago led to a flash sell-off causing the price to dip significantly, it quickly recovered although has been trending downwards since.
However, with the prospect of Tesla now accepting Dogecoin as payment on the table, where the price will go from now is anyone's guess. The concept of using cryptocurrency to pay for a new car is certainly an interesting one, and while Tesla is the only to do so thus far we expect other automakers will be keeping their eyes on this space rather closely. Would you pay for a new Tesla with Doge? Let us know in the comments.