The world’s richest person has often been a vocal supporter of meme cryptocurrency Dogecoin DOGE/USD. Posts on Twitter Inc TWTR by Tesla Inc TSLA CEO Elon Musk have shown his support. On Wednesday, Musk confirmed that one of his companies will accept Dogecoin as a payment option.
What Happened: There have been calls over the years from the loyal Dogecoin community of fans and investors for Tesla to accept the crypto as a payment option. Tesla has implemented Dogecoin as a payment option for merchandise, but right now does not accept the cryptocurrency as a payment choice for new vehicles.
A new report from CNN, which was confirmed by Musk, says The Boring Company will accept Dogecoin as payment for rides on its upcoming transit system.
Loop is a transit system that transports visitors underneath the Las Vegas Convention Center.
Dogecoin news poster @mishaboar shared the CNN article and had this to say.
“Adoption and creation of use cases is the best way for entrepreneurs to support #Dogecoin. With the planned expansion of Loop to cover the Las Vegas Strip area and serve the University of Nevada and possibly the airport, this is really fun and exciting,” @mishaboar tweeted.
Musk confirmed the CNN article and replied to @mishaboar voicing his chance to support Dogecoin whenever and wherever he can.
Loop offers travel in Tesla vehicles at speeds of around 35 miles per hour, according to the report. The new payment system was initiated on Friday with the opening of a Loop station outside the Las Vegas Convention Center. Three stops are offered currently, with rides available for free.
Rides will soon cost $1.50 for single passengers and $2.50 for a day pass. Payment options include U.S. dollars, Dogecoin and credit cards.
Plans call for The Boring Company to have more than 50 stations on the Las Vegas Strip. The company’s website lists hypothetical travel from the Harry Reid International Airport, Allegiant Stadium and Downtown Las Vegas all offered to the Convention Center ranging in price of $5 to $10, with transit times of 3 minutes to 5 minutes.
Tesla blog Tesmanian recently highlighted The Boring Company and the chance to zip around Las Vegas with Teslas. Musk said FSD could be used in the tunnels.
“Maybe later this year,” Musk replied to a question of when FSD could be used in the tunnels in Las Vegas.
Why It’s Important: The Boring Company is one of several companies started by Musk. The company has a goal of building tunnels to cut down on traffic congestion and lower transportation times and costs.
Along with Las Vegas, The Boring Company is targeting projects in Florida and Texas.
Dogecoin is one of the most tweeted topics by Musk over the years.
He has repeatedly shown support for Dogecoin, and the fact that the crypto is a payment option for the Las Vegas transportation system could further cement his title of "The Dogefather."
DOGE Price Action: Dogecoin is up 2% to $0.06821 at the time of writing. The crypto is down 2.8% over the last seven days.
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