Tesla CEO, Elon Musk, has recently announced that his transportation brainchild, The Boring Company will accept meme coin, Dogecoin as payment for rides on Loop. Musk created The Boring Company to solve traffic problems which are universal to every city on earth.
One of the company’s ideas is the Loop project (more popularly known as Tesla in Tunnels). Loop is an interconnected sophisticated public transportation system that looks more like an underground highway than a subway system. The Loop project website also states that the project is free of any gas emissions as it will be constructed and run on electricity.
Elon Musk disclosed on Wednesday that The Boring Company will accept Dogecoin as payment for transportation services on Loop. This announcement was not surprising because of Musk’s protracted stance on cryptocurrency as an investor and a creator in the Blockchain ecosystem.
He also tweeted that the move is aimed at “Supporting Dogecoin whenever possible” in a response to a question about it. Musk has long been a preacher of Dogecoin believing that the meme coin has the potential to exist as a strong financial currency.
His electric motor company Tesla already accepts payments in Dogecoin and he announced in May that SpaceX (his space exploration company) and Starlink (his telecommunications company) will follow suit and accept the meme coin in the future. He revealed earlier in the year that he owns a massive amount of dogecoin.
The Boring Company opened its Las Vegas passenger station on 30th June 2022 after Clarke County Nevada had approved the company’s route plan last year. The Las Vegas station is the first of 55 stop points planned for Las Vegas.
Currently, rides are free on the loop but the company will charge a fee in the future. The Boring Company’s ticket page shows that you can purchase tickets using Dogecoin and other traditional financial solutions.
A single ride will cost $1.50 or its equivalent in the other traditional payment solutions while a day pass will cost $2.50. The Boring Company has not announced when the fees will take effect and the amount is subject to change before any such announcement.
Featured image source: The Paradise News
