Electric Vehicles

Elon Musk Asks Twitter Followers if Tesla Should Accept Dogecoin

Elon Musk Asks Twitter Followers if Tesla Should Accept Dogecoin

This morning Elon Musk took to Twitter and asked his followers if Tesla should accept Dogecoin in form of payment. The people’s cryptocurrency started off as a joke in 2013 but quickly surged to an all-time high of $0.75 last week.

Currently, Dogecoin is the fourth-largest cryptocurrency by market capitalization according to CoinGecko, trailing behind Bitcoin, Etherum, and Binance Coin. Elon Musk tweeted in April 2019 that Dogecoin might be his favorite cryptocurrency and quipped that it is a pretty cool coin.

Last weekend, he appeared on Saturday Night Live (SNL), dubbed himself as the Dogefather. Dogecoin tumbled 30% in the past two days after Elon Musk called it a hustle. Although, the people’s cryptocurrency have been largely stabilized between $0.45 to $0.48 per share.

Tesla already accepts bitcoin in form of payment for its electric vehicles in the United States since March 2021. The electric automaker plans to expand its payment option outside of the United States at a later date.

Furthermore, Tesla holds an impressive amount of bitcoin on its balance sheet. The company disclosed in February 2021 that they bought $1.5 billion worth of bitcoin. Last month, Tesla sold $272 million of its bitcoin holdings to prove liquidity.

As millions of people vote on whether Tesla should start accepting Dogecoin in addition to Bitcoin. This opens up a new door that leads to a wider acceptance and adoption for Dogecoin to become a mainstream currency.

Unlike Bitcoin and Etherum, Dogecoin have the advantage of ultra-low transaction fee, faster transaction time and comes with a limited stream of supply on annual basis to keep the miners incentivized and network secured.

Tesla share price slumped to $589 as of this morning due to strained relationship with Chinese government. The electric automaker landed in hot water after a recent customer incident that prompted a rare apology from the company.

Amid the recent share price drop, Tesla is looking ahead to expand its support for a growing fleet of electric vehicles by using prefab strategy to upgrade existing Supercharger stations. The electric automaker also is producing refreshed Model X and Model S that is expected to start delivering directly to customers’ home between Q3 and Q4.

In addition to that, Tesla Cybertruck is scheduled to hit the market by end of 2021 and will come in three different models based on the customer’s preferred configuration.

Do you think Tesla should accept Dogecoin? Let us know what you think in the comment section below!

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