On Friday (August 5), Tesla and Space X CEO Elon Musk shared his latest thoughts on crypto.
Popular meme-based cryptocurrency Dogecoin ($DOGE) was initially released on 6 December 2013, as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer. Dogecoin is “a decentralized, peer-to-peer digital currency” that has as its mascot “Doge”, a Shiba Inu (a Japanese breed of dog).
Since then, its popularity has substantially increased, especially in the past couple of years, mostly thanks to support by billionaires Elon Musk and Mark Cuban (the majority owner of the professional basketball team Dallas Mavericks, as well as one of the “sharks” on the highly popular reality show “Shark Tank” , to the point that it is currently the 11th most valuable cryptocurrency, with a market cap of over $9.26 billion. In fact, in 2019, Musk said that $DOGE might be his favorite cryptocurrency.
On June 19, Musk tweeted that he will keep supporting Dogecoin, which was not too surprising given that he has been saying nice things on Twitter about Dogecoin for the past three years.
What was surprising, though, was what the Tesla CEO said after one psendoymous crypto analyst (“Altcoin Gordon”) challenged him to buy $DOGE, to which Musk replied that he is.
Then, on July 6, CNN Business reported that The Boring Company, the American infrastructure and tunnel construction services company founded by Elon Musk in December 2016, has launched a way for customers to pay for rides on Loop, its underground public transportation system, which is currently available in Las Vegas, Nevada.
The CNN report went on to say:
“Loop consists of passengers traveling in Tesla vehicles that are driven by humans at about 35 mph, a significantly scaled-down version of founder Elon Musk’s original vision of high-occupancy vehicles moving at 150 mph. The Boring Company has described automating the driving and traveling at higher speeds in the future.
“The new payment option surfaced Friday as the Boring Company opened its first Loop station outside the Las Vegas Convention Center, which already has three stops. It’s also the latest example of Musk promoting Dogecoin, the cryptocurrency whose value has fallen sharply in the last year. The Boring Company hopes to eventually expand to more than 50 stations on the Vegas Strip, including casinos, resorts and Allegiant Stadium, home of the NFL’s Las Vegas Raiders. Clarke County, Nevada, approved the expansion plan last year, which won’t use taxpayer dollars.
“Rides are currently free on Loop, with plans to charge eventually, though the company has not disclosed specific timing. Single rides will cost $1.50 and day passes can be purchased for $2.50, according to the Vegas Loop’s website. Riders will be able to scan a large QR code on a wall at the new Resorts World station to purchase a ticket. People who don’t wish to pay with Dogecoin can use a traditional credit card and US dollars.“
Shortly after the CNN Business report got published, Musk tweeted that he would continue supporting $DOGE “wherever possible.”
The Tesla CEO’s latest comments about Dogecoin were made yesterday during an interview on “Full Send Podcast “.
Musk had this to say about $DOGE:
“I’m mainly supporting DOGE frankly because I think DOGE has the memes and the dogs, and has a sense of humor, and doesn’t take itself too seriously...
“And I do think, actually weirdly, even though DOGE was just designed to be this ridiculous joke currency, the actual transactional throughput capability of DOGE is much higher than Bitcoin. And the fact that there’s five billion DOGE created every year is actually I think good for using it as a transactional currency.”