If you are a cryptocurrency enthusiast, chances are you’ve heard rumours of a Twitter or X crypto token. But is there any truth to these rumours? X (Formerly known as Twitter) owner Elon Musk, who holds immense influence in the crypto world, quickly shut down the rumours recently. He was clear that X had no affiliation with a crypto token, but he did not stop there. The Tesla chief executive went further to rule out any chances of such a token ever making it to the market. But does it mean Musk no longer wants anything to do with the crypto world? We examine these questions and more in this article.
Musk’s Storied History with Crypto
Musk is no stranger to the crypto world. His tweets are known for triggering surges in buying and selling of coins. For example, earlier in August, he teased support for Dogecoin (DOGE), and the coin’s price jumped by over 20%. Who’s surprised? The man is the richest person in the world and has the highest number of followers on X, one of the biggest social media platforms in the world.
In 2021, Doge developers revealed they were working with Musk to give traders a cheaper, greener Bitcoin alternative, but the plan has not yet materialised. The Tesla CEO had also teased plans to integrate DOGE as a payment option on X, but nothing came of them. In April 2022, the X chairman proposed a platform that required DOGE payments to post. However, he flip-flopped days later, saying, “Blockchain Twitter [X] isn’t possible”.
These situations are only some of Musk’s conflicting positions on crypto. And they have not come without some headaches for Musk. For example, he is facing an ongoing $258 billion lawsuit brought by investors of his companies, including Tesla, SpaceX, and Boring Co. They’ve argued that Musk was running a kind of pyramid scheme by tacitly encouraging people to invest in DOGE so he could make a tidy profit. The lawsuit points to the Tesla CEO’s promotion of DOGE in April when he changed X’s blue bird logo to the symbol of Kabosu, which inspires the Shiba Inu dog meme and the crypto coin.
Musk’s theatrics shot the DOGE price up 30%, but the coin’s value quickly went down after he removed the Kabosu image. The investors claim the X owner sold about $124 million in DOGE that month. Interestingly, he has not stopped messing with the crypto world. So, it’s difficult to rule out anything when it comes to the self-proclaimed “Dogefather”.
Read More: Shiba Inu and Dogecoin Whales Are Moving Out to New Crypto Project HedgeUp (HDUP). Guess Why?
How Did the ‘X Crypto Token’ Rumours Start?
On August 5, 2023, when Musk posted, “And we never will”, he was responding to an X user, DogeDesigner, who sent a disclaimer that “Elon Musk and X never launched a crypto token”. The X user attached a screenshot of blog posts claiming Musk’s $X token had been confirmed, but who authorised it? We traced the source of this misinformation to an X post of July 21, 2023. An X user, NFT God, said “X Coins” had just been included in X’s latest ‘Dev’ version. However, as a Community Note on X revealed, the “Coins” feature wasn’t a new inclusion. In fact, the feature has been listed in ‘Dev’ versions since December 2022. While the term “Coins”, may suggest the presence of a crypto token, the coins are only an in-app currency used to support creators who post “Great content”, on X. Nothing indicates the coins are a cryptocurrency. So, if you’ve ever thought of an X native crypto token hitting the market, sorry to disappoint you; It has not happened, and there is no chance of it happening in the future, according to Musk.
Musk’s Rejection of X Native Token Does Not Rule Out Crypto Support in a Future X “Everything App”
In July, Musk suddenly announced that he was renaming Twitter to X. This action was not unexpected, for people have watched the X owner closely in the past year. He had often talked about creating X, an “Everything app”, and he saw Twitter as the right platform to execute his plan. X CEO, Linda Yaccarino, said X will create “A global marketplace for ideas, goods, services, and opportunities”.
Musk also said in July that the company will add the “Ability to conduct your entire financial world”, on X “In the months to come”. So, knowing Musk’s constant flirting with the crypto world, there may still be a situation where people can transact on X using cryptos. But what is clear for now is, Musk has no intention of creating an X native token.
Related: Unlocking Elon Musk’s Alphabet “X” Obsession: The Enigmatic Pursuit
Conclusion
Musk likes to play around with words and memes but he didn’t mince words when he said there will never be a X crypto token. It would have been interesting to see how he influences his own token after years of moving the market with his tweets and memes. But we may never see that after Musk’s post. Yet, never say never when it comes to the Tesla CEO who has flip-flopped several times in the past. There will be another interesting crypto topic which is Innovative program to regulate Crypto Operations.
Frequently Asked Questions
Is There an X-Token?
Yes, an X-Token was launched in May 2021 to “Empower crypto traders, investors, and minorities who have no access to computers”. However, the token has no affiliation with Musk or the X app.
Will Musk Integrate DOGE Into X?
Tesla, Musk’s car company, currently accepts DOGE. The company says it does not collect any other cryptocurrency. So, X may also accept DOGE for payment at some point.
Does Musk Own Cryptocurrency?
In October 2021, Musk said he acquired “Some ascii hash strings called Bitcoin, Ethereum & Doge”. It’s unclear whether he still owns all three coins, but amid a brutal Bitcoin price crash in July 2021, Tesla sold almost all of its Bitcoin. Musk may still hold DOGE, considering he can’t stop talking about the coin on X.