Last updated on August 8, 2023
Elon Musk, the billionaire investor and owner of the social media platform X (formerly Twitter), has categorically stated that X will never launch its own cryptocurrency token. Musk made this statement in response to a post by a user warning about fake coin projects using Musk’s name and that of the platform.
In a reply to a user with the handle @cb_doge, who cautioned others about articles promoting non-existent tokens, Musk emphasized that X will “never” launch its own crypto token. There have been misleading articles advertising tokens such as “$X token” and “Twitter token,” falsely suggesting a connection or authorization by X or Twitter, the previous brand name of the platform. These articles often entice investors with promises of significant price gains in a short period of time.
Musk’s response reinforces the fact that neither X nor its owner has ever launched a digital token, and they have no plans to do so in the future. Musk acquired Twitter for $44 billion last year and is currently rebranding it as X.
The misleading media titles also reference dogecoin, the favorite cryptocurrency of X’s previous CEO and current tech chief. Dogecoin, known as a meme coin, has gained popularity due to Musk’s association with it and endorsement of it.
Earlier this year, Musk faced allegations of insider trading in a class-action lawsuit related to dogecoin. The price of dogecoin surged by 30% when Musk temporarily changed Twitter’s logo to feature the meme coin, leading to claims that the logo change artificially inflated its price.
In July, Musk permanently replaced Twitter’s iconic blue bird logo with the current X logo. This change was made because the name “Twitter” no longer made sense given the platform’s expanded capabilities, such as longer messages and large video uploads.
Musk envisions X as a super-app that goes beyond traditional social media, including comprehensive communication features and the ability to conduct one’s entire financial world. However, he has not specified whether this will involve cryptocurrencies.
It remains to be seen if Musk will change his stance on issuing an X token in the future. What are your thoughts on this? Share your opinions in the comments section below.
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