A curious initiative, called #Tesla4XMR, has been launched to raise money in Monero to buy three Tesla Model 3 cars.
The aim is to donate these cars to non-profit organizations should Tesla add support to buy its cars with XMR.
The organizers expressly state that neither Tesla nor Elon Musk have any affiliation with this Monero CCS initiative, nor can they say that they approve or have commented in any way on this proposal.
If successful, vehicles will be purchased from the front end of Tesla’s website, or at a physical point of sale, and paid for directly in XMR, after which they will be donated to charity.
If it fails, the XMR sent by the donors will be returned to their respective senders.
To define the success or otherwise of the initiative, the organisers have set two conditions, both of which must be fulfilled to avoid the initiative failing and the funds being returned to the donors.
The initiative to pay for Tesla with Monero (XMR)
The first is that, within 21 days of the proposal being fully funded, Elon Musk declares that Monero will be added to or accepted for the purchase of three Model 3 vehicles.
The second is that within six months of the proposal being fully funded, Tesla actually accepts payment in XMR for the purchases of these vehicles.
So not only will it be necessary for Tesla to accept XMR as payment for the vehicles, it will also be necessary for Elon Musk to state this publicly.
Furthermore, should the value of the XMR collected increase before the actual payment is made, the excess XMR that will not be used to purchase the three vehicles will be returned to the donors in proportion to what they donated. If it falls, additional funds will be sought to pay for the three vehicles in full.
This is therefore a charitable initiative, but also clearly an advertising move for Monero.
Monero is the most widely used high-privacy cryptocurrency in circulation, and also the one with the highest market capitalization.
As of today, it capitalizes a little over $4.5 billion, which is more than two and a half times the second largest in this special ranking.
XMR’s price is on the rise, with +18% in the last month, and +192% in the last twelve months. However, it is still about half of the all-time high touched in January 2018.