Tech mogul Elon Musk has revealed that he might create his own cryptocurrency in the near future if Dogecoin doesn't work. This news comes after he applied brakes on Bitcoin as a payment mode to buy Tesla vehicles. A Twitter user asked the Tesla head why is he not creating his own cryptocurrency.

"Why not just make a crypto from scratch that does everything you want technically and has a lot of dev support and doesn't have high concentration of ownership at least initially?" a user asked Musk on Saturday.

"Only if Doge can't do it. Big pain in the neck to create another one," Musk replied.

Musk has announced not to use the popular cryptocurrency Bitcoin as a payment mode to buy its electric vehicles, citing environmental harm.

Musk said that the electric car maker will not sell any bitcoin and intends to use bitcoin for transactions as soon as mining moves to more sustainable energy.

"We are also looking at other cryptocurrencies that use <1 per cent of bitcoin's energy/transaction," Musk said in a tweet.

Bitcoin nosedived more than 11 per cent after the tweet and was trading at nearly $50,000.

The company had only just started accepting Bitcoin in late March. Musk also said that Tesla will no longer sell any more of the $1.5 billion Bitcoins it purchased earlier this year.

Musk who also hosted the Saturday Night Live show on TV last weekend promoted Dogecoin which is the fourth-largest cryptocurrency by market value.

Amid the surge in Bitcoin and Ether cryptocurrencies, Dogecoin has surged more than 659 per cent this year. However, it has a long way to go.

*Edited from an IANS report