Elon Clarifies ‘Never Will’ When Asked About X-Based Crypto Plans

TL;DR

• Elon Musk says his social media platform X (Twitter) will not launch any native crypto token.
• His statement comes in response to several fake tokens claiming to be a part of the X platform.

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No Tokens on X

Scammers are having a field day by prying on the susceptible. X, formerly known as Twitter, is a favorite place for bad actors to promote scam tokens to reel in the public.

They seem to be cashing in on the recent rebranding of the platform and Elon’s love for cryptos. There are several fake news circulating the platform on Elon planning to launch a native token (X, TwitterDAO, and many others).

One particular user known as DogeDesigner shared a screenshot of such articles posted online. The screenshot showed articles such as “TWITTER token is up 10,0000% in 24 hours ”. He warned that Elon and X do not have any plans at all. 

And we never will

— Elon Musk (@elonmusk) August 5, 2023

Elon confirmed it in his reply to the tweet (Xeet?).

“And we never will”

– Elon Musk

Fake headlines such as these are designed to instill FOMO. The scam articles are carefully worded to play on the emotions and compel people to partake in fake token launches.

But Elon Wants Cryptos for X

Elon’s love for cryptos, specifically Dogecoin, is no secret. He has openly favored the meme-coin several times. He is even accused of insider trading by creating hype that drives up the price of Dogecoin to make massive profits for himself. His actions are well documented to show his personality can affect the prices in the market with relative ease.

Even such a simple thing as denying any plans for an internal token caused Dogecoin to jump from $0.07522 to $0.07665 – a 2% jump. Dogecoin has settled down to around $0.0753 after the hype.

Setting aside accusations, he reportedly has plans to integrate cryptos as a means of payment on X. 

The man behind Tesla and SpaceX has reportedly tasked developers from X to create a payment system that can add crypto payments functionality.

X – The Everything App

Since Musk’s takeover of X, he has been feverishly working to expand it to more than just a microblogging platform.

When he rebranded Twitter to X in July, he expressed his vision for the platform to evolve into an “everything app.” He envisions something akin to the Chinese messaging app WeChat.

This includes private messages, groups, games, food delivery, shopping, ride-hailing, and even a built-in payment system (of course!).

Elon’s takeover of X has been a rollercoaster ride. After the acquisition, one of his first actions was to fire most of the top management and half of the workforce to make the platform more efficient. He even went to kick out the board and convert the company into a private entity.

His actions are polarizing, making many users happy and many finding it offensive. Controversial as most of his actions are, history has shown that he has nearly always succeeded – from creating the first successful electric car company to private space missions.

Will his luck extend to X is something to be closely monitored.

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