January 16, 2022

Tesla Evaluates Proposal To Accept Monero (XMR) As A Payment Method – BeInCrypto

Members of the Monero (XMR) community have put together a proposal to ask Tesla to accept XMR.

the tesla effect

The members of the Monero community have created a petition in the crowdfunding system to pressure Tesla to accept the privacy coin as a payment option.

In the proposal, community members offer to buy three new Tesla Model 3 vehicles for $50,000 each, if they can use XMR as a means of payment. The offer includes a small premium on the regular price of the vehicle between $30,190 and $47,190.

Justifying the proposal, the petition argues that Bitcoin (BTC) is too transparent for high value purchases. XMR’s privacy protection features give prospective Tesla owners the option of making the purchase public or not.

If you are successful, all three ‘Model 3’s would be donated to a charity chosen by the community via “#Tesla4XMR” on Twitter.

Fountain: Twitter

¿Elon, Tesla y XMR?

The news comes as Tesla announced that it purchased $1.5 billion worth of BTC in January. In a presentation before the United States Securities and Exchange Commission, the electric vehicle maker said the company will also consider accepting the major cryptocurrency as payment.

Additionally, the company did not rule out further purchases or say how long they were likely to hold their BTC.

After the news of the purchase, BTC price soared nearly 33%, setting a new all-time high at $48,025.18. This is an effect that the cryptocurrency world has become accustomed to recently regarding the Elon Musk effect on prices.

In fact, the regularity of the effect motivated a study by the Blockchain Research Lab (BRL), which investigates the specific effect that tweets of the CEO of Tesla have in Bitcoin.

The race for privacy

The XMR community is apparently looking to attract similar momentum, not just for itself, but also for the privacy coin space as a whole.

The exchange cryptocurrency exchange Bittrex announced a series of delistings last month, primarily focused on privacy coins. Targets included Dash (DASH), Zcash (ZCH), and XMR.

The news came amid reports that law enforcement was putting pressure on exchanges to stop the flow of anonymous tokens. Although Bittrex did not comment, many in the community inferred this as the reason for the decision.

The move was a blow to a once booming space in crypto. Now, one could infer that XMR is betting that Musk and Tesla can help the revival.

Fountain: Twitter

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Tesla Evaluates Proposal To Accept Monero (XMR) As A Payment Method – BeInCrypto