Tesla to use Cardano as payment?

Cardano x Tesla?

A new rumour has begun circulating on Crypto Twitter that Tesla will be using Cardano as their cryptocurrency payment system. Elon Musk, CEO of Tesla and SpaceX, a man who these days needs no introduction, is a strong believer in cryptocurrencies and blockchain technology.

We have seen him speak vocally about Bitcoin and Dogecoin , even doing a skit on Dogecoin on SNL that ended with the punchline “It’s a hustle!” Following his appearance on SNL the price of Dogecoin came crashing down. In the short term this may have destroyed Dogecoin, but anything that gets the word out about Crypto is a good thing. Remember when Bitcoin was just “a hustle” a few years ago?

Elon has been quoted saying “cryptocurrency would be used for all transactions” in the future. This coming from one of the most successful entrepreneurs on Earth.

What is Cardano?

Cardano is a decentralised public blockchain and cryptocurrency project. Cardano was created by Charles Hoskinson, one of the co-founders of Ethereum

The platform seeks to deliver more advanced features than any protocol previously developed. It is built upon strong academic principles: peer-reviewed research; collaboration with academia, government bodies and regulators around the world.

Read our article Beginners Guide: What is Cardano?

What did Elon Musk say about Bitcoin?

“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

- Elon Musk

What are the alternatives?

With Bitcoin’s Price crashing on the 13th April, many investors decided to switch to Cardano following the news. This was evident with it being the only top performing crypto to be in the green following the announcement from Elon Musk. Cardano has strong environmental credentials due to its low energy consumption and is the highest ranking Proof of Stake coin by Market Cap.

How more energy efficient is Cardano than Bitcoin?

Cardano is amazingly 1.6 million times more energy efficient than Bitcoin according to Cardano’s founder Charles Hoskinson.

Do Charles and Elon Musk know each other?

(Image Via Twitter @IOHK_Charles )

The two innovators are both aware of each other and have even been photographed together. Charles has even invited Elon to his farm to have “The Cardano conversation”. The phrasing of Charles’s tweet is interesting as the use of “Finally going to have” sounds like they have been planning to have a discussion on Cardano for some time now…

Is there a possibility that there could be a new collaboration around the corner for Cardano and Tesla?

Let’s admit it, stranger things have happened this year with Doge going to the moon (and back to earth) following Elon’s twitter feed movements.

(Image Via Twitter )

Cardano is the number 1 PoS blockchain

Cardano is the largest Alt Coin by market cap to be committed to a Proof of stake system. According to Coinmarket Cap , Cardano is the 4th largest Market Cap.

Conclusion

It is interesting to speculate on potential deals and it is interesting to see how far the crypto market can be easily swayed by a couple of tweets from the richest man in the world.

One of the positive elements about the Cardano project is that it is decentralised, its environmental credentials through minimal energy usage also put it in a very good position as a top candidate for Elon to consider if he is looking for an alternative to Bitcoin for purchases of Tesla Cars.