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Musk Asks in Twitter Poll if Tesla Should Take Dogecoin

By Eric Volkman - May 11, 2021 at 7:33PM

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Many respondents think that's a fine idea.

Cryptocurrency investors still holding on to their Dogecoin (DOGE -13.97%) might soon be able to buy a nice car from Tesla (TSLA -2.75%) with their pile. That's because the ever-colorful crypto enthusiast and Tesla CEO Elon Musk tweeted a poll Tuesday morning asking, "Do you want Tesla to accept Doge[coin]?"

The poll's respondents -- nearly 3.6 million in total as of that evening -- overwhelmingly voted "yes." Almost 78% were in favor of such an oddball financing move.

A Tesla Model S zooming along the road.

This beautiful car could be yours as long as you have enough Dogecoin. Image source: Tesla Motors.

The Tesla boss has already taken Dogecoin investors on quite a thrilling ride lately. In a segment on the most recent episode of Saturday Night Live in which he was guest hosting, a character played by Musk described the cryptocurrency as a "hustle." Despite the fact that the character was fictional and appearing on a satirical TV show, Dogecoin's value nevertheless took quite a hit on Monday. It has since recovered.

Not surprisingly, the often-surprising Musk provided no details as to how Dogecoin holders would actually buy a Tesla with their cryptocurrency. He clearly likes Dogecoin, as he announced that his SpaceX will launch a mission to the moon early next year funded with it. The name of the project is, of course, "DOGE-1 Mission to the Moon."

As is often the case with its CEO's more outrageous pronouncements, Tesla has -- perhaps wisely -- not issued an official statement on Dogecoin payments.

Regardless, Musk's new shot of confidence in the cryptocurrency is helping it recover from the executive's latest utterance about it. On Tuesday, it was up by nearly 12% according to market data tracked by Coinbase (NASDAQ: COIN).


Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has a disclosure policy.

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