Elon Musk Formally Joins Crypto Sector Through Start-Up
Musk has in the past revealed that he owns some bitcoin. His entry into the sector has the potential of aiding in the mainstream adoption of cryptos.
The Boring Company Integrates Cryptocurrency Payment
Head of Tesla Motors, Elon Musk, has formally joined the cryptocurrency sector. Musk entered the sector through his start up, The Boring Company. The company is now permitting transactions in bitcoin, Ether, bitcoin cash and litecoin.
The firm began operations two years ago with the sole purposes of curbing traffic congestion in top global cities starting with Los Angeles. The company seeks to achieve the goal through the use of a web of underground tunnels. The tunnels offer a fresh approach to rapid transit. At the moment, the company's inaugural tunnel has already broken ground in Los Angeles. According to Musk, he settled for cryptos as a means of promoting the initiative in a unique manner. Additionally, they also have offered hats and the "Not-A-Flamethrower" for sale.
A post on the firm’s website shows that the company’s related products can be bought by using the listed cryptocurrencies. The cryptos are among the leading in the sector.
The development comes after Musk on a number of occasions hinted at joining the crypto sector. Seven months ago, Musk was photographed reading a book related to cryptocurrencies.
Musk is also on record lashing out at Twitter bots that impersonate celebrities. The bots are known to persuade users to give cryptos. According to Musk, he preferred ethereum, no word whether it was genuine or not.
Early this year, Musk stated that he owns a number of cryptos. The engineer said that he holds 0.25 bitcoins that were sent to him by a friend. At the moment, the sector is on hold awaiting the entry of institutional investors who have the potential of propelling its mainstream adoption.