In a surprising twist, tech billionaire Elon Musk has unequivocally quashed any lingering hopes of Twitter or X launching their own cryptocurrency token. The news, delivered without fanfare, emerged in response to a tweet by user @DogeDesigner, a prominent figure with a substantial following and past interactions with Musk and Linda Yaccarino, the current CEO of X.
The tweet by @DogeDesigner included an image of misleading news article headlines that falsely asserted the existence of a Twitter-led crypto token. Musk’s response was succinct and resolute: “And we never will.”
While this resounding rejection may seem like a blow to the potential for a cryptocurrency from Twitter or X, it’s important to note that Musk’s statement doesn’t entirely eliminate the possibility of cryptocurrency support or related features in the future X “everything app.” Musk’s track record with digital assets also suggests that there might be room for speculation.
Elon Musk has been a vocal supporter of Dogecoin (DOGE), a memecoin originally conceived as a playful departure from the serious nature of the crypto world. Affectionately dubbed the “Dogefather,” Musk famously acquired Twitter for a staggering $44 billion and promptly replaced the platform’s iconic blue bird logo with the Shiba Inu dog emblem synonymous with Dogecoin. This move propelled the token’s value by a notable 20%, but also led to a $258 billion lawsuit against Musk, alleging insider trading and racketeering.
In 2021, developers of Dogecoin revealed they had collaborated with Musk over several years to develop a more cost-effective and environmentally friendly alternative to Bitcoin. Earlier this year, rumors circulated that the company was crafting a product designed to facilitate crypto payments, although the specific token to be used remained undisclosed.
As Musk’s resolute denial appears to extinguish immediate hopes of a TwitterCoin or XCoin, crypto enthusiasts remain curious about the potential role of cryptocurrency in Musk’s future endeavors. While the door may not be entirely closed, it seems that for now, Musk’s focus lies elsewhere.
