The Boring Company of Elon Musk, who is also CEO of Tesla, has decided to accept the cryptocurrency Dogecoin (DOGE) as a payment method for Hyperloop.
Elon Musk’s Hyperloop will accept Dogecoin to pay for trips
This is a subway station that already exists in Las Vegas, but the company’s goal is to expand throughout the States. Specifically, it is a tunnel aimed at eliminating traffic. Currently, as mentioned, the first of these tunnels is located in the Las Vegas Convention Center (LVCVA), which cost a whopping $50 million.
Musk originally envisioned high-occupancy vehicles going 150 mph, but Loop is made up for customers who drive Teslas at about 35 mph. In the future, The Boring Company plans to improve high-speed automated driving in a few years.
For those who may not remember, The Boring Company is the same company that put flamethrowers on the market a few years ago, selling as many as 20,000 of them.
The American company, founded in 2016, concluded a $675 million Series C capital raise a few months ago with a valuation exceeding $5.6 billion. The round was led by Vy Capital and Sequoia Capital, with participation from Valor Equity Partners, Founders Fund, 8VC, Craft Ventures and DFJ Growth.
Currently, it is free to use the Hyperloop station, but soon single rides will cost about $1.50, while the day pass will be priced at about $2.50. Among the payment methods, besides cash and credit cards, Dogecoin will also be used.
The latest news on Dogecoin
According to recent data from Coin Glass, the majority of open positions on crypto exchanges on the price of DOGE (Dogecoin) are long. Specifically, it is as many as 62% of positions.
This is probably due in part to the numerous tweets and support from Elon Musk, who recently explained why he supports DOGE. The reason being is that he would do this is to help and support the employees of SpaceX and Tesla.