August 9, 2023
By Anjali Kochhar
In a definitive statement, tech billionaire Elon Musk has put an end to years of speculation about Twitter or its rebranded version, X, launching their own cryptocurrency token. Responding to a Twitter user’s post that falsely claimed the launch of a crypto token by Musk and X, he straightforwardly said, “And we never will.”
While this means that there won’t be a Twitter-led cryptocurrency initiative, it doesn’t rule out the possibility of cryptocurrency support or related features in X’s future plans. X is aiming to become an “everything app” after a significant rebranding effort.
Elon Musk is well-known for his enthusiasm for Dogecoin (DOGE), a memecoin originally created as a playful gesture in the crypto community. Last year, Musk made headlines when he acquired Twitter for $44 billion and replaced its iconic blue bird logo with the image of a Shiba Inu dog, the symbol of Dogecoin. This move caused Dogecoin’s value to rise by 20% and led to Musk facing a $258 billion lawsuit alleging insider trading and racketeering.
Musk’s involvement with digital assets has been marked by mixed signals and occasional hints. In 2021, developers of Dogecoin revealed that they had been working with Musk for years to create a more affordable and eco-friendly alternative to Bitcoin. Earlier this year, reports emerged suggesting that Twitter was developing a product to support cryptocurrency payments, but the specific token to be used remained undisclosed.
While the possibility of a TwitterCoin or XCoin seems unlikely at the moment, the door does not appear to be completely closed for Musk’s future ventures involving cryptocurrency.
Overall, Musk’s statement serves as a clear rejection of the rumours about a Twitter-led crypto token, but it leaves room for speculation about his potential future involvement with digital assets. As always, the crypto community will keep a close eye on Musk’s moves, given his history and influence in the space.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
