Elon Musk Finally Enters the Crypto World

Elon Musk Finally Enters the Crypto World

After years of avoiding cryptocurrencies, Elon Musk finally entered the crypto world. According to new reports, his Boring Company has just started accepting multiple cryptos, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).

Buying Boring company’s items via crypto

The Boring company was originally founded in 2016, with the goal of eliminating traffic in large cities. The company planned to do this by building an entire web of tunnels underground, that will allow quick movement among some of the busiest locations.

At the moment, the company is creating its first test tunnel in Los Angeles. To promote the venture, Musk decided to start selling an entire line of unique items, such as hats, as well as infamous “Not-a-Flamethrower”. Additionally, reports claim that the company will also accept cryptocurrencies as a form of payment for these items.

As mentioned earlier, it was stated that accepted digital currencies include Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Of course, cryptos are only added as an addition, and it is still possible to purchase the desired items via traditional money.

The Next Web, which first reported this development, stated that the company is selling flamethrowers for around $500 per piece, which is actually lower than their pre-sale price, which was $600. In terms of crypto, this would amount to around 0.078 BTC, or 2.48 ETH.

Musk has had contact with the crypto world before

Despite the fact that Musk has had several contacts with the world of cryptocurrencies so far, he mostly tried to avoid major dealings with them. One example of his contact with crypto was reported in February, when he revealed that he owns zero cryptocurrencies.

This statement came as a warning to his Twitter followers, who were endangered by fake Musk-related coin offers on this social network. Musk attempted to resolve this by reporting the issue, but with little results. Additionally, Musk published a tweet in July, commenting on the skills and tenacity of crypto scammers that keep resurfacing even after multiple attempts to remove them from the network.

On one occasion, Musk was spotted carrying a cryptocurrency-related book in March 2018. He also stated that malicious Twitter bots that are impersonating celebrities while trying to trick people into giving away their cryptos have “mad skillz”. Another time, he stated that he wants Ethereum “even if it is a scam”.

He even reached out to Jackson Palmer, the creator of Dogecoin, questioning him regarding a potential solution for scam spamming.

Clearly, Musk has been keeping a close eye on cryptocurrencies and their development, although it often sounds like he is simply irritated by them. Now, however, it would seem that he finally decided to accept them, which might be enough to significantly impact them.