Elon Musk Clarifies ‘I Strongly Believe in Crypto’; Currently Working with Dogecoin Developers

Elon Musk has clarified his stance on cryptocurrency, after announcing on Wednesday Tesla would no longer be accepting Bitcoin for payments, due to the increasing environmental impact of the latter, due to the heavy ‘mining’ required to power the digital coin.

On Thursday, Musk said, “To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal.”

To be clear, I strongly believe in crypto, but it can’t drive a massive increase in fossil fuel use, especially coal

— Elon Musk (@elonmusk) May 13, 2021

Prior to noting his stance on cryptocurrencies, Musk said, “It is high time there was a carbon tax!”.

It is high time there was a carbon tax!

— Elon Musk (@elonmusk) May 13, 2021

Musk then ‘liked’ a tweet from CNBC, on a story about cryptocurrency exchange Coinbase about to allow trading of Dogecoin, which the Tesla CEO appears to be bullish on.

Coinbase says it will add dogecoin transactions in the next six to eight weeks https://t.co/RcnfygXb8D

— CNBC (@CNBC) May 13, 2021

Just moments ago, Musk said, “Working with Doge devs to improve system transaction efficiency. Potentially promising.”

Working with Doge devs to improve system transaction efficiency. Potentially promising.

— Elon Musk (@elonmusk) May 13, 2021

The news has sent the price of Dogecoin up to $0.48 USD and climbing, up from just $0.43 USD moments prior to his tweet.

Earlier this week, Musk asked on Twitter if Tesla should accept Dogecoin. The question was asked one day before Tesla pulled Bitcoin as a form of payment, over dirty energy concerns.

On Sunday, SpaceX announced it would launch a Canadian satellite to the moon next year, named DOGE-1 and paid for entire in Dogecoin. From what it looks like, Tesla might accept Dogecoin as a payment in the near future.