Elon Musk’s Boring Company will accept the meme cryptocurrency dogecoin as payment for rides on its Las Vegas transit system Loop. Musk confirmed that he is “supporting Doge whenever possible.” Tesla already accepts the meme crypto for some merchandise and Spacex will soon follow suit.
Elon Musk’s Boring Company to Accept Dogecoin Payments
CNN reports Wednesday that Tesla CEO Elon Musk has founded the Boring Company. The Boring company will take dogecoin meme currency for Loop rides, Las Vegas’ transit system.
Musk previously said that The Boring Company’s goal “is to solve traffic, which plagues every major city on Earth.” One of the company’s projects is Loop, also known as “Teslas in Tunnels.” Loop is “an express public transportation system that resembles an underground highway more than a subway system,” its website details, adding that the system is all-electric with zero-emissions.
The Tesla CEO indicated that the news of The Boring Company’s plan to accept dogecoin payments for rides on its Vegas Loop is true by tweeting, “Supporting Doge whenever possible,” in response to a post about it.
Boring Company, the original operator of the Resorts World Las Vegas stop on the Las Vegas Strip opened its passenger station in June 30. It was one of 55 planned stops. Clarke County, Nevada, approved the company’s expansion plan last year. Resorts World Las Vegas is the third Loop stop outside of the Las Vegas Convention Center, which has already three stops.
Loop currently offers rides for free, but CNN reports that the company will soon charge fees. The Boring Company’s Las Vegas Loop ticket page shows that tickets can be purchased with dogecoin alongside traditional payment options, and a single ride will cost $1.50 whereas a day pass will cost $2.50. But, it is not clear when fees will be collected and what the final costs might be.
Musk believes the meme cryptocurrency can be used as a currency and has been an advocate of dogecoin for a while. However, Musk said bitcoin is more of an asset store. Tesla’s boss revealed previously that he owns dogecoin.
Tesla is already accepting DOGE to purchase some items for its electric vehicle company. Musk also announced that Spacex would follow his lead and Starlink subscriptions could accept the meme currency in the near future. If his acquisition bid is successful, Musk hinted at the possibility that Twitter might accept cryptocurrency payments.
In June, a $258 billion lawsuit was filed against Musk, Tesla, and Spacex alleging that they “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.” Nonetheless, the Tesla CEO reiterated his intention to keep buying and supporting DOGE.
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