Key Takeaways
- Tesla CEO Elon Musk has asked his Twitter followers if Tesla should accept Dogecoin (DOGE) as payment.
- Approximately 80% of respondents are in favor of the option.
- Musk has not yet confirmed whether Tesla officially plans to accept the coin; more details may emerge when the poll ends.
Tesla CEO Elon Musk has asked his Twitter followers if they want to see the firm accept Dogecoin, implying the electric vehicle company may soon add the cryptocurrency as a payment option.
Almost 80% In Favor of DOGE Payments
Early Tuesday morning, Musk created a Twitter poll to seek input on the possibility of DOGE payments from his 53 million followers.
Do you want Tesla to accept Doge?
— Elon Musk (@elonmusk) May 11, 2021
At the time of writing, 78% of respondents have answered “yes” to the question. Those in favor of DOGE payments were likely motivated by Dogecoin’s rising value and Musk’s crypto stardom.
The 22% who answered “no” to the question expressed concerns over the coin’s price volatility. DOGE has rapidly risen in value due to organized investment campaigns and Musk’s endorsement of the coin, gaining 20,600% over the past year. Many predict that the cryptocurrency could lose its value just as quickly.
Others who responded “no” the question may simply have preferred that the company accept other cryptocurrencies first.
Musk has not commented on user responses. The Twitter poll will end at approximately 1:30 AM PST, meaning that Musk and Tesla are unlikely to confirm any official Dogecoin-related plans before then.
Tesla’s Crypto Efforts
The news comes shortly after Musk’s space flight company SpaceX announced that it will carry out a DOGE-funded mission, and days after Musk appeared on Saturday Night Live to discuss DOGE.
It also comes just months after Tesla chose to buy $1.5 billion of Bitcoin and its later decision to accept Bitcoin as payment.
There was widespread speculation in late March on whether Tesla has plans to accept additional cryptocurrencies. Today’s news makes it considerably more likely that it will do so.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
