You Can No Longer Buy a Tesla With Bitcoin, So Maybe Dogecoin Is Next

Less than two months after Tesla started accepting Bitcoin as payment for new vehicles, it has reconsidered its stance on the world’s most valuable cryptocurrency. Due to environmental concerns, you can no longer buy a Tesla with Bitcoin.
Elon Musk, pictured in character for an SNL skit, says Tesla no longer accepts Bitcoin as payment 1 photo
Photo: NBC/SNL
Cryptocurrency remains a valuable option for the future, CEO Elon Musk says on social media of the decision. However, the process of “mining” Bitcoin, which involves high consumption of energy to power high-end machines, makes it an unsuitable option for Tesla at this particular moment.

Citing data from the University of Cambridge and the International Energy Agency, Reuters notes that Bitcoin mining requires about the same amount of energy from fossil fuels as that consumed in the Netherlands in the entire year of 2019. Musk doesn’t address criticism on using Bitcoin when its carbon footprint is so huge, which has been leveled at him since two months ago. Still, he does say that Bitcoin transactions will be resumed once “mining transitions to more sustainable energy.”

That said, it’s the final part of his announcement that’s raising some eyebrows. “We are also looking at other cryptocurrencies that use <1% of Bitcoin's energy/transaction,” Musk writes. So maybe Dogecoin is the next crypto payment option? It could be.

Earlier this week, Dogecoin became the first cryptocurrency to fully finance a lunar satellite mission that will take place in the first part of 2022. It doesn’t hurt either that it’s backed by Elon himself—and quite publicly so. Also, this week, the CEO was asking his followers on Twitter whether Tesla should consider accepting payments in Doge, and as you can imagine, most agreed that it should.

Within two hours of the tweet below, the price of Bitcoin dropped 17%, from $54,819 to $45,700, hitting its lowest point since March. The Dogefather be like...

If you liked the article, please follow us:  Google News icon Google News Youtube Instagram X (Twitter)
About the author: Elena Gorgan
Elena Gorgan profile photo

Elena has been writing for a living since 2006 and, as a journalist, she has put her double major in English and Spanish to good use. She covers automotive and mobility topics like cars and bicycles, and she always knows the shows worth watching on Netflix and friends.
Full profile


Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories