Elon Musk is known for his efforts to create solutions for problems that humanity has today. Whether it’s going to Mars to provide an alternative planet for mankind or PayPal, the young serial entrepreneur is known for his tendency to embrace technology.
He is known for starting Space X. He was able to fly his own rocket and he is currently working on different projects that tackle different problems that we currently have. But what is his take when it comes to cryptocurrencies?
A few months back, he was spotted carrying a book by Dr. Julian Hosp entitled “Cryptocurrencies: Bitcoin, Ethereum, Blockchain & ICOs & Co Simply Explained”. The book explains different topics such as how ICOs work, and how Blockchain works among many others. Since then, many are wondering if Elon Musk is going to participate in the crypto market any time soon?
True enough, the Boring Company, which is a business venture that plans to alleviate traffic problems, starts accepting cryptocurrencies. The company announced that it is going to accept Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
The Boring Company
The Boring Company was established in 2016. The goal is to help cut the tunneling cost and to provide an efficient alternative that can help solve traffic problems in roadways and in freeways. It started its web of underground tunnels in LA. Elon Musk decided to raise funds and to raise awareness about the project by selling hats and Not-A-Flamethrower accepting cryptocurrencies as payment. In addition to this, the Boring Company has partnered with Coinbase Commerce as their payment processor.
Not New To Tech
Come to think of it, Elon Musk is not a neophyte when it comes to new technology. He is one of the guys who started PayPal. PayPal is simply like cryptocurrencies. His vision is to have an online settlement processor. And it has resembled the virtual currencies today.
However, recently, Elon Musk is trying to combat scammers. Last September, he teamed up with DogeCon developer Jackson Palmer in order to assist him to solve this problem. He is looking to eradicate the influence of scammers and robots that are using his name and committing cybercrimes.
In addition to this, he is revealed that he received 25 Bitcoins that were donated to him by a close friend.
Today, Elon Musk is known to be worth over $20 billion US dollars according to information by Bloomberg Billionaires Index. Now, there are questions whether or not Elon Musk is going to participate fully in the crypto niche? Considering that he is open to the idea of cryptocurrencies and being able to start PayPal in the past, could he one day decide to enter the crypto market?
Nevertheless, this is still considered good news today. These days, when Bitcoin’s price is simply floating around $6,500 and is quite far from its all-time high last year, it needs all the support that it could get, Elon Musk included.
There are those who are questioning his current mental state. However, this recent move is something that is welcomed by the crypto market.