The tech mogul mogul Elon Musk reveals that ‘X’ – the company that seemingly had all the right ingredients for creating its own cryptocurrency – has no intention of delving into the captivating world of digital coins.
As the CEO made this unexpected declaration, speculations were laid to rest, and enthusiasts left pondering what this means for the future of the cryptocurrency market.
This declaration was made in response to mounting worries regarding dubious digital currencies connected to both X and Twitter.
Elon Musk’s statement comes after a tweet by DogeDesigner, a well-known member of the cryptocurrency community, warning of possible frauds associated with tokens like X (X) and TwitterDAO (TWITTER) that fraudulently claim links with the social media juggernaut.
Elon Musk disputes suggestions of a token launch.
DogeDesigner made it clear that neither Musk nor X had started any projects involving cryptocurrency tokens.
Unambiguously saying that X had no intentions to introduce cryptocurrency tokens, Musk responded, “And we never will.”
Given Musk’s past suggestions to include cryptocurrencies as a payment method on X, the statement is interesting.
Traders have been guessing as to whether Musk would launch a certain cryptocurrency token or choose his preferred option, Dogecoin.
Musk’s Future Stance: X and Cryptocurrency Community:
The cryptocurrency community is becoming more trusted as a result of Musk’s unwavering opposition to this phenomenon.
The scenario is made much more intriguing by Musk’s history of influencing cryptocurrency markets through his social media activities.
His most recent answer puts the matter to rest, at least in terms of establishing a proprietary coin connected to X, even though he had previously hinted to potential cryptocurrency endeavors.
Musk’s remarks are having an impact on the wider financial and technology industries in addition to the X and Dogecoin communities as the cryptocurrency landscape continues to change.
His impact on market sentiment continues to be evident, and his statements have the ability to affect investor behavior. Musk hopes to transform X into a “everything app,” which will include a wide range of functions and services, in order to alter the digital world.