Use dogecoin to buy a Model Y? Elon Musk wants to know if Tesla should accept crypto

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Crypto bull and Tesla chief executive Elon Musk appear to be playing with the idea of ​​allowing customers to use the dogecoin parody coin to purchase products from the electric vehicle maker.

Musk released a poll via Twitter on Tuesday morning asking if Tesla should accept the DOGEUSD doge,
+ 3.49%,
the popular crypto whose stratospheric rise has made it the # 4 most valuable digital asset in the world, according to CoinMarketCap.com.

Early Tuesday, the survey, which had received 2.3 million votes, shows that 77% of those polled are in favor of using dogecoin while the rest are not so enthusiastic.

Musk has been one of dogecoin’s most vocal champions and his remarks over the past few weeks and months have been credited, at least in part, with the crypto surge to overtake it by 10,000. % so far in 2021, transforming the virtual room. which was created in 2013 as a light riff on the boom in alternative coins to bitcoin BTCUSD,
+ 2.63%
into a force of nature driven by social media.

Dogecoin, however, has been in a bit of a tailspin since it hit a record high of almost 75 cents over the weekend, ahead of Tesla TSLA,
+ 1.52%
High-profile CEO appearance on NBC comedy show “Saturday Night Live.” Musk was expected to speak optimistically about crypto and dogecoin in particular, and he did, but his comments failed to cause greater shock to doge.

At last check dogecoin was changing hands at 50.9 cents on CoinDesk and had bottomed in the last 24 hours at 42.04 cents.

Still, crypto boosters remain bullish on the outlook for the asset which ended last year at a fraction of a dime.

A number of merchants and sellers are accepting dogecoin after its skyrocketing and backing from billionaire celebrities like Musk and Dallas Mavericks owner Mark Cuban have also given credit to the asset.

Tesla already accepts bitcoins in its premises. There are risks associated with using crypto like dogecoin and bitcoin because the prices of these assets are volatile.

Gains in traditional assets have been compared to dogecoins. GC00 gold futures contracts,
-0.68%
are down around 3% so far this year, the Dow Jones Industrial Average DJIA,
+ 0.68%
and the S&P 500 index

SPX,
+ 0.85%
are up at least 11% in 2021, while the Nasdaq Composite Index COMP,
+ 0.82%
has gained around 4% so far this year.

Musk has apparently done his part to support dogecoin. On Sunday, the technologist said that SpaceX, the space exploration company he also runs, will accept cryptocurrency to fund a lunar mission next year.

In a statement released Sunday, Geometric Energy Corp. announced the “DOGE-1 Mission to the Moon,” the very first commercial lunar payload fully paid for with dogecoin.

The bigger question is whether dogecoin prices will follow after Musk’s efforts.

Tesla shares fell 2.8% in trading on Tuesday and have fallen 9% so far this week.


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