Tesla chief executive Elon Musk has called for a carbon tax. "It is high time there was a carbon tax!," Musk tweeted to his 54.5 million followers.
The tweet echoes a suggestion he made on the Joe Rogan Experience podcast earlier this year. He said he shared a proposal with the Biden administration about implementing the tax.
"I talked to the Biden administration...and they were like 'well, this seems too politically difficult,'" he said.
To fight climate change, some Democrats have called for such a tax. Supporters argue it will reduce America's reliance on coal and fossil fuels. Opponents contend it will disproportionately affect low-income families while doing nothing to combat climate change.
According to a survey by the Yale Program on Climate Communications and released in January, two-thirds of voters support imposing a carbon tax on fossil fuel companies.
On Wednesday, the billionaire announced Tesla's new stance on Bitcoin. Dogecoin, on the other hand, may be turned into a viable alternative with it being described as "potentially promising."
Dogecoin prices immediately rose and Bitcoin dropped after Musk's announcement about environmental concerns.
Musk did say that Tesla would not sell any of its existing Bitcoin and it would use it again "as soon as mining moves to more sustainable energy." Meanwhile, he said Tesla would examine other cryptocurrencies that need less energy to mine.
Dogecoin has seen a big rise since - including strong gains last week before the billionaire's guest-hosting appearance on Saturday Night Live.
Dogecoin isn't taken seriously by many Bitcoin supporters. It was introduced in 2013 - inspired by the "Doge" meme - but has since grown into a thriving online community. It is currently the fourth-largest cryptocurrency by market capitalization on CoinMarketCap and worth more than $69 billion.
Financial experts say Dogecoin is a highly speculative asset. It has fueled fears over a potential bubble in cryptocurrency markets though some economists believe all cryptocurrencies are in a bubble.
