Elon Musk-Founded Startup To Accept Crypto For Crowdfunding Effort
When it comes to eccentric billionaires, there isn’t anybody as well-known as the one and only Elon Musk, a South African-Canadian native with a profound love for modern tech. You likely know Musk for his involvement with Tesla, SpaceX, and Paypal, which are all prominent companies that he founded or co-founded.
But, he recently launched a new startup, jokingly named the “Boring Company,” which is a fitting title when you consider what the company is aiming to do — to create transportation tunnels that criss-cross the globe.
In stark contrast to Tesla and SpaceX, the innovator decided to take a different approach to fund operations for the Boring Company, selling branded merchandise and products to consumers who had a penchant to fund Elon’s next innovation. While Boring started by selling mundane products, such as logoed baseball caps, the startup eventually began to think outside of the box, deciding to sell “The Boring Company Flamethrower” in late 2018.
After 50k hats, we will start selling The Boring Company flamethrower
— Elon Musk (@elonmusk) December 11, 2017
Following his original tweet announcing the crowdfunding product, Elon Musk jokingly added: “I know it’s a little off-brand, but the kids love it.” The product was immediately a hit, with the company selling tens of thousands of its flamethrowers to raise hundreds of thousands, if not millions of dollars in crowdfunding. While the product’s first batch quickly sold out, the company recently revealed plans to offer the flame-generating machine for the second time.
This time, as spotted by The Next Web’s Hard Fork column, prospective flamethrower owners will be gaining access to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) payments to put up money for the crowdfunding effort. Along with the four crypto assets, users will be able to use Apple Pay, Google Pay, along with traditional debit and credit payments through Paypal.
Seeing that the Boring Company’s crowdfunding participants are likely to to be forward-thinking, the addition of a cryptocurrency payment option was likely welcomed. Now, consumers from all across the globe can buy Boring Company’s “Not A Flamethrower” for $500 a pop, which is reportedly a lower figure than the startup’s $600 pre-sale price. This translates to approximately 0.078 BTC, 2.48 Ether, 1.13 BCH and 9.5 LTC, it just depends on what cryptocurrency you want to spend.
Along with offering the flamethrower itself, Musk’s Boring Company will be selling a propane fuel cylinder, fire globes, and a Boring-branded fire extinguisher, which is presumably for cases in which the fire gets to the head of flamethrower users, so to speak.
This may not be the sort-of adoption that the crypto industry has been looking for, but this move from Elon Musk himself, who has surprisingly expressed interest in this nascent industry on a few occasions, is welcomed nonetheless.
So get out there, support your local startups and buy an Elon Musk-backed flamethrower for some of your hard-earned crypto assets.
Photo by Aziz Acharki on Unsplash
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