Elon Musk’s Boring Company to Take Payments in Dogecoin
- The Boring Company, a transport firm owned by billionaire entrepreneur Elon Musk, will accept Dogecoin for transport through the Loop.
One of Elon Musk’s firms, The Boring Company, will begin taking Dogecoin (DOGE) payments for its transport pathways. This is the latest in a show of payment preference for the meme coin by Tesla CEO and the world’s richest man.
According to a Wednesday report by CNN, the infrastructure and tunnel construction company first announced the new payment system on July 1. Customers taking Tesla rides using the company’s Las Vegas “Loop” transit system can pay for the service in Dogecoin.
Musk’s Boring Company to Accept Dogecoin Payments
Currently, the Loop, whose speed limit is 35 miles per hour (mph), is used by passengers free of charge. At a later unspecified date, the transport charges will apply at $1.50 for single rides and $2.50 for day passes. At that time, customers will be able to make payments in Dogecoin, or even using cash (US Dollars) and credit cards.
Notably, the Loop on the outskirts of the Las Vegas Convention Center is the first creation by The Boring Company. The firm intends to build over 50 similar stations in Vegas.
The latest development showcases Elon Musk’s resilient and unwavering support for the Bitcoin spin-off. The serial entrepreneur often tweets positively about the meme coin, saying it is his preferred payment means of all cryptocurrencies. At one point he even said one of his uniquely named sons, X Æ A-12, was faithfully hodling his Dogecoin. Musk’s steadfast endorsement continues despite a current lawsuit that would possibly see him on the verge of bankruptcy.
Around mid-June, a frustrated Dogecoin investor sued the billionaire and two of his companies (Tesla and SpaceX) for $258 billion. He alleged that Musk was promoting a pyramid scheme every time he endorsed Dogecoin.
Shortly afterward, the self-proclaimed Doge Father tweeted:
He also said he was relentlessly purchasing the meme coin.
Musk’s DOGE Endorsement
Late last year, he communicated his intentions to open a science and technology university in Texas. Like his other creations, the institute would accept tuition fees in the form of Dogecoin. On a lighter note, the dog-lover added that anyone owning a dog would receive a discount.
In May, Musk announced that his space exploration company SpaceX would soon join his EV company, Tesla, in accepting Dogecoin payments for merchandise.
More recently, the billionaire said he planned on enabling tipping on Twitter using Dogecoin. Resultantly, once DOGE rallied just minutes after Musk’s acceptance into the Twitter board.
At writing time, DOGE was trading at $0.07, having gained 1.9 percent in the last 24h. The 10th cryptocurrency by market cap has, however, plummeted 90 percent from its May all-time high of $0.73.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
