Published
1 year ago on
July 07, 2022
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Elon Musk’s The Boring Company has announced a new way of allowing customers to pay for rides on Loop, its Las Vegas transit system. Users will now be able to pay for the service using Dogecoin, in addition to already accepting payments in traditional fiat currency.
A New Payment Option
The new payment option for customers was announced on Friday after the Boring Company opened its first Loop station outside the Las Vegas Convention Center. The center already has three stops. This is the latest example of Musk promoting the cryptocurrency Dogecoin, the value of which has seen a significant drop over the past year. Users who do not wish to pay via Dogecoin can do so through fiat currencies or credit cards.
Loop allows passengers to travel in Tesla vehicles driven by people at a speed of 35 mph. This is a significantly scaled-down version of Musk’s original vision of having the vehicles moving at a speed of 150 mph. However, the company has stated that it plans to automate driving and ensure travel at higher speeds in the future.
Expansion Plans
The Boring Company is looking to expand to over 50 stations on the Vegas Strip. The stops will include Casinos, resorts, and a stop at the Allegiant Stadium, the home of the NFL’s Las Vegas Raiders. The expansion plan was expanded by Clarke County authorities last year and will not be using any taxpayer money.
Currently, all rides on Loop are free, although there are plans to charge riders eventually, although the company has not disclosed when yet. According to the official website, single rides will cost users $1.50, while day passes can also be purchased for a fee of $2.50. Riders can buy a ticket by scanning a QR code situated at the Resorts World station and purchase a ticket.
The new Loop station will not connect underground to the existing Loop stops at the Convention Center, with the stops set to be connected with stations such as the Resort World in the near future, as the Loop is constructed across Vegas.
Space X CEO Elon Musk had stated in 2016 that he was planning on buying a boring machine and just start digging in an attempt to beat traffic, calling the venture “The Boring Company,” going on to dig a tunnel outside the headquarters of Space X.
No Set Schedule
The company has outlined plans to transport around 400 passengers an hour from the Resort World, but hours of operation will depend on the Convention Center Schedule. The vehicles will not depart at a fixed time, with guests having to wait a few minutes for a ride. Once on board, the passengers may have to wait again as there is only one tunnel connecting the Resorts World to the Convention Center campus, which means traffic can go only one direction at a time.
“It’s still a very swift trip, but it’ll be, hey, these five cars go through this direction. When they’re safely at the passenger station, it will then switch directions.”
The Rise Of Dogecoin
Dogecoin, which began as a meme cryptocurrency featuring the Shiba Inu meme, has shot to fame mainly because of the endorsement of Musk. Cryptocurrencies have had their fair share of critics, which include Jackson Palmer, the co-creator of the meme cryptocurrency, who quit the space citing insiders becoming rich after exploiting the public.
However, Dogecoin rose to prominence after Musk spoke about it on multiple occasions, including a spot on Saturday Night Live, which led to the crypto surging to a peak of 68 cents. Today, Dogecoin can be purchased for around 7 cents, a significant drop from its heyday.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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