Tesla Sees Proposal to Add Monero (XMR) as Payment Method

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In Brief
  • XMR community members submitted a petition proposing to add the privacy coin to Tesla's list of payment methods.

  • The race between privacy coins faced difficulties last year when several exchanges chose to delist them.

  • Whilst the future of the privacy coin space is unclear, development in the space continues with force.

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A proposal has been created by members of the monero (XMR) community to petition Tesla to accept XMR.



The Tesla Effect

Members of the monero community have created a petition on the community crowdfunding system to lobby 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 vehicle’s usual price tag 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-protecting features give prospective Tesla owners the choice as to whether or not they make the purchase public.

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

Elon, Tesla, XMR?

The news comes as Tesla announced it bought $1.5 billion worth of bitcoin in January. In a filing with the United States Securities and Exchange Commission, the electric vehicle manufacturer said the company will also consider accepting the top cryptocurrency as payment.

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

On word of the purchase, BTC’s price shot up nearly 33%, setting a new all-time high at $48,025.18. This is an effect that the cryptocurrency world has recently become used to regarding the Elon Musk world’s effect on prices.

In fact, the regularity of the effect prompted a study by the Blockchain Research Lab (BRL), investigating the specific effect the Tesla CEO’s tweets have on bitcoin.

The Race for Privacy

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

Cryptocurrency exchange, Bittrex, announced a spate of de-listings last month, focused primarily on privacy coins. The targets included dash (DASH), zcash (ZCH), and XMR.

The news came amid reports law enforcement agencies were putting pressure on exchanges to stem the flow of anonymous tokens. Though Bittrex didn’t 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 might infer that XMR is betting Musk and Tesla can help the revival.

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Emmanuel entered the cryptocurrency space in 2013 as a cryptocurrency broker. He is a crypto-enthusiast, entrepreneur, and investor, who has built and led several projects and communities in the space. He is CEO and co-founder of Provence Intelligence, a boutique crypto-consultancy firm that aims to bridge the gap between the cryptocurrency and DLT space and the traditional world. Interests include DeFi, non-blockchain DLTs, and the synthetic derivatives space.

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