Elon Musk is considering adding Dogecoin as a payment method when buying Tesla cars, which could give another big boost to the adoption of cryptocurrencies as a means of payment. In order to understand what people want, he launched a survey on his Twitter page.
Cryptocurrencies are more often viewed as a store of value, however they can also perform well as a means of payment. In many instances, transactions are fast, easy, and with minimal fees, which can often make them the preferred method of settlement. In addition, when paying for a purchase with a cryptocurrency, it does not matter which country you are in and what state currency it is in, which greatly simplifies the process of buying and paying.
Early on the morning of May 11, Tesla CEO Elon Musk asked his 54 million Twitter followers if they wanted Tesla to start accepting Dogecoin payments for the purchase of its cars. 77.9% of respondents supported this idea, while the remaining 22.1% answered no.
Do you want Tesla to accept Doge?— Elon Musk (@elonmusk) May 11, 2021
Musk has repeatedly expressed his support for Dogecoin. Probably, originally, this cryptocurrency attracted his attention with the positivity and humor that surrounds it, but it seems that this can grow into something more. Created as a joke, the cryptocurrency received real support from one of the most famous people on our planet.
On May 12, Musk announced that SpaceX would launch the Doge-1 satellite to the moon in 2022, with the mission paid in Dogecoin. And now, there is a high probability that this cryptocurrency could become a means of payment when buying Tesla cars. All this can give another impetus to the development of Dogecoin and increase its value.
Despite the promising prospects for Dogecoin and cryptocurrencies, Musk has previously warned to be careful with them. "Cryptocurrency is promising, but please invest with caution!" he tweeted, attaching a video of his interview with TMZ. In the interview, he warned that people should not invest their life savings in cryptocurrency. Musk said that this type of investment should only be considered if a person wants to speculate and have some fun, adding that there is a high probability that cryptocurrency will become the future currency of the Earth.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.