Elon Musk, the CEO of Tesla and SpaceX, has hinted that the electric car maker might accept the Dogecoin currency as a payment method for its vehicles. Musk polled his 53.8 million Twitter followers on Tuesday to see if they wanted Tesla to accept it as a payment method. Within 20 minutes of uploading the survey, he earned over five lakh votes. Many people on the microblogging platform, predictably, responded positively.
The Dogefather's tweet comes only days after his commercial rocket company announced that the meme-inspired cryptocurrency will be accepted as a form of payment. Musk is known as the Dogefather on social media because of his involvement with the Dogecoin currency, which started as a social media prank 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 (BTC), and in March, it began accepting BTC as a payment option for its cars directly on its website. It has the cryptocurrency in its reserve portfolio. To date, it has sold 10% of its cryptocurrency assets to demonstrate its liquidity as a cash substitute.
Dogecoin (DOGE), the now-famous meme coin, will join the list of approved cryptocurrencies if the electric vehicle manufacturer begins to embrace it. However, Dogecoin is a more volatile currency than Bitcoin, and it's uncertain if it'll be exchanged for flat money if it's received by the electric vehicle 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.