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The Boring Company – an enterprise owned by Elon Musk that provides tunnel construction services to clients – has announced it is permitting customers to pay with Dogecoin.
Elon Musk Company Will Accept Doge
The move is pushing the goals of crypto closer to being achieved. What many people likely forget is that while digital assets have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.
It is extremely hard to understand when cryptocurrencies will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.
Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin, for example. The store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.
That’s what makes enterprises like Boring so important. They understand the initial purposes of digital currencies and are trying to transform them into usable tools that everyday people can benefit from.
It shouldn’t come as a shock that Boring is suddenly so open to Doge. The asset – which began as a meme currency and has since skyrocketed into one of the world’s biggest and most popular virtual currencies – has garnered heavy praise and attention from Musk in the past. Musk says it’s one of the few digital currencies he invests in (along with ETH and BTC) and has even referred to it as the “people’s crypto.”
He Loves This Asset!
In addition, there was a long period in which many thought Elon Musk would take over as the potential Doge CEO. This, sadly, turned out to be just an internet rumor, though it appears Musk has a very strong – albeit unique – connection with the asset co-developed by Jackson Palmer.
He has also stated that individuals can purchase SpaceX merchandise with the digital currency. He has been much more friendly to Doge than he has to bitcoin, which at one point, was slated to be accepted as a payment method for crypto holders looking to buy new Tesla vehicles. This decision was rescinded just a few weeks after its initial announcement as Musk was concerned about how much energy was allegedly being used for BTC mining operations.