Elon Musk took to Twitter yesterday to survey his millions of followers on whether or not Tesla should accept the latest crypto-trend, Dogecoin. According to reports, the self-proclaimed "Dogefather" had major success with Bitcoin payments for Tesla vehicles back in March this year and came out with more revenue from the sale of the cryptocurrency than the car sales themselves.
Just last month, Musk had tweeted about the otherworldly endeavor emphasizing that SpaceX was going to "literally put Dogecoin on the moon" and since has accepted the cryptocurrency to put a lunar satellite in orbit by 2022. Obviously, the overnight popularity behind the Dogecoin sets the tone at impulse-based investing, however to consumers and Musk's Twitter followers, that risk factor is low level.
Musk's influence over the popularity of the Dogecoin has proven trustworthy. After the poll ended, a whopping seventy-eight percent of over three million voters pledged a big "Yes" towards the car manufacturer accepting the Doge for payment. After his appearance on SNL earlier this month, the crypto-coin had fallen 30% in value due to a comment Musk made during a sketch joking that it was a "hustle". It's evident that Musk is clearly a cryptocurrency fan as most of his regular interactions with his followers have the underlying topic of these virtual currencies.
A few other celebrities have joined Musk in boosting confidence in the so-called meme-based cryptocurrency including Snoop Dogg, Mia Khalifa, and even financial market guru Mark Cuban. These elite proliferators of virtual currency have the undoubted capacity to bring game-changing results pertaining to the lifespan of each coin, especially considering its unlimited growth potential along with unforeseeable declination. However, with the faith of the people being top priority as that is wherein the value lives, to sway the public to towards a cashless or eventually cardless marketplace.
For Dogecoin, however, the proof is in the pudding. Tom Ochinero, SpaceX's Vice President of Commercial Sales, examined their mission and expressed how the application of cryptocurrency in interplanetary commerce will establish the foundation of currency exchange beyond Earth "We are excited to launch DOGE-1 to the Moon!" Alongside the success of Bitcoin transactions, Twitter poll results from three million of Elon Musk's authentic followers is a pretty solid forecaster for the decision on accepting the Dogecoin and potentially raising tremendous revenue in modern currency flows.
Sources: Tom's Guide, Gadgets 360