Elon Musk’s Boring Company to Accept Dogecoin Payments for Rides on Las Vegas Transit System Loop – Regulation Bitcoin News

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

The Boring Company, founded by Tesla CEO Elon Musk, will accept the meme cryptocurrency dogecoin for rides on Loop, its Las Vegas transit system, CNN reported Wednesday.

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.

The Boring Company opened the Resorts World Las Vegas passenger station on June 30, the first of over 55 stops planned for the Las Vegas Strip. Clarke County, Nevada, approved the company’s expansion plan last year. The Resorts World Las Vegas stop is the first Loop station outside the Las Vegas Convention Center (LVCC), which already has three stops.

Rides are currently free on Loop but the company plans to charge a fee in the future, according to CNN. 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. However, the company has not announced when the fees will be charged and the final costs may be different.

Musk has long been a proponent of dogecoin, believing that the meme crypto has potential as a currency. In contrast, he said bitcoin is more of a store of value. The Tesla boss also previously revealed that he personally owns dogecoin.

His electric car company, Tesla, already accepts DOGE for some merchandise. Moreover, Musk announced in May that Spacex will follow suit and Starlink subscriptions may also accept the meme coin in the future. He also hinted that Twitter will integrate crypto payments if his takeover bid for the social media platform is successful.

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.

What do you think about Elon Musk’s Boring Company accepting dogecoin for rides? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.