Elon Musk has hit back again at rumors that his social network ‘X’ (formerly known as Twitter), is reportedly considering launching an “X cryptocurrency” to reward content creators.
The billionaire businessman responded succinctly “No” to a News Daily post speculating about the possibility.
In early August, Musk said Twitter would never create a cryptocurrency, and last Thursday (31), a platform developer discussed speculation during the company’s acquisition of a payment license.
In response to the statement that the brand will not dedicate resources to developing a cryptocurrency, Musk replied succinctly: “Correct.”
At the
— Elon Musk (@elonmusk) August 31, 2023
Cryptocurrencies on Twitter
Musk bought X/Twitter in October 2022, after a long period of negotiations that started in April of the same year. Since then, the acquisition has been the subject of much speculation and debate about the future of the platform and its potential impact on the social media industry as a whole.
The entrepreneur is known for his affinity with cryptocurrencies, especially the Dogecoin (DOGE) memecoin.
Musk has commented sporadically about DOGE for years, even discussing the digital asset in an interview with the Wall Street Journal in May. This has led many to speculate that the integration of a cryptocurrency into the X platform could be in the pipeline.
The rumor gained traction when an account with the handle “X News Daily” posted a message suggesting that the social media platform “Maybe you’re thinking about launching [uma] currency for makers!”.
However, Musk’s simple “no” served as a bucket of cold water for those hoping for a new digital currency on the platform.
While Musk has dismissed the idea of an “X Coin,” there is still a great deal of curiosity about what changes he has planned for the platform.
Last week, Twitter acquired an all-new payments license in select US states. Such a license allows the app to trade digital assets, prompting speculation about the possible development of a Twitter-related token.
However, Elon Musk has reaffirmed that X will never create a token, reinforcing comments made earlier this month.
Despite this, Musk hinted at embracing cryptocurrencies in the X, even briefly replacing Twitter’s old bird logo with dogecoin’s dog.
Finally, the billionaire owner of SpceX and Tesla stated that he plans to expand X beyond social media posts and become an “app for everything.”
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.